Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 3,131, 1,329 total housing units (homes and apartments), and a median house value of $79,190, house prices in Red Bay are some of the most affordable in Alabama as well as the nation.
Single-family detached homes are the single most common housing type in Red Bay, accounting for 70.03% of the city's housing units. Other types of housing that are prevalent in Red Bay include large apartment complexes or high rise apartments ( 15.53%), mobile homes or trailers ( 8.05%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.88%).
The most prevalent building size and type in Red Bay are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.41% owning and 42.59% renting.
There is a lot of housing in Red Bay built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Red Bay built between 1940-1969 ( 21.02%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.41%). There's also some housing in Red Bay built before 1939 ( 4.41%).
Vacant housing appears to be an issue in Red Bay. Fully 15.08% of the housing stock is classified as vacant. Left unchecked, vacant Red Bay homes and apartments can be a drag on the real estate market, holding Red Bay real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Red Bay have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 5.27%, which ranks in the top 50% nationwide. This equates to an annual average Red Bay house appreciation rate of 0.51%.
Over the last year, Red Bay appreciation rates have trailed the rest of the nation. In the last twelve months, Red Bay's appreciation rate has been 2.74%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Red Bay were at 2.19%, which equates to an annual appreciation rate of 9.03%.
Importantly, this makes Red Bay one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Alabama, our data show that Red Bay's latest annual appreciation rate is lower than 50% of the other cities and towns in Alabama.
|$812,001 - $1,083,000||0.0|
|$542,001 - $812,000||0.9|
|$433,001 - $542,000||0.0|
|$325,001 - $433,000||0.3|
|$217,001 - $325,000||8.1|
|$108,001 - $217,000||21.4|
|$54,001 - $108,000||41.3|
|$0 - $54,000||28.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q2 - 2017 Q3
Last 12 Months:
2016 Q3 - 2017 Q3
Last 2 Years:
2015 Q3 - 2017 Q3
Last 5 Years:
2012 Q3 - 2017 Q3
Last 10 Years:
2007 Q3 - 2017 Q3
2000 Q1 - 2017 Q3
|* 10 is highest|
|AGE OF Red Bay HOMES|
|2000 or Newer||7.4|
|1970 - 1999||67.2|
|1940 - 1969||21.0|
|1939 or Older||4.4|
|TYPE OF Red Bay HOMES|
|Small Apt. Buildings||5.9|
|SIZE OF Red Bay HOMES|
|5 or more bedrooms||4.54|