Selma AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Selma, AL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Selma Housing Market Information

With 17,886 people, 7,796 houses or apartments, and a median cost of homes of $90,360, house prices in Selma 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 Selma, accounting for 67.51% of the city's housing units. Other types of housing that are prevalent in Selma include duplexes, homes converted to apartments or other small apartment buildings ( 19.04%), large apartment complexes or high rise apartments ( 11.01%), and a few row houses and other attached homes ( 1.26%).

The most prevalent building size and type in Selma are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 42.91% owning and 57.09% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Selma's housing was primarily built during this period, from the '40s through the '60s. A full 41.58% of the city's housing hails from this era. Other housing ages represented in Selma include homes built between 1970-1999 ( 32.10%) and housing constructed before 1939 ( 17.51%). There's also some housing in Selma built between 2000 and later ( 8.81%).

Vacant housing appears to be an issue in Selma. Fully 16.88% of the housing stock is classified as vacant. Left unchecked, vacant Selma homes and apartments can be a drag on the real estate market, holding Selma 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.

Selma Home Appreciation Rates

Selma's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Selma during the period has been just 0.78%, which is lower than 80% of US communities.

Appreciation rates are so strong in Selma that despite a nationwide downturn in the housing market, Selma real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Selma appreciation rates continue to be some of the highest in America, at 7.98%, which is higher than appreciation rates in 84.84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Selma. Selma appreciation rates in the latest quarter were at 2.66%, which equates to an annual appreciation rate of 11.07%.

Importantly, this makes Selma 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 Selma's latest annual appreciation rate is higher than 80% of the other cities and towns in Alabama.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Selma differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Selma - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Selma real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$90,360

Selma, AL HOME PRICES

Value Range
> $1,113,000 0.0
$835,001 - $1,113,000 0.9
$557,001 - $835,000 0.0
$445,001 - $557,000 0.3
$334,001 - $445,000 2.6
$223,001 - $334,000 7.5
$111,001 - $223,000 28.1
$56,001 - $111,000 37.2
$0 - $56,000 23.3

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
90.2540145985401 80.7980049875312

Number Of Homes And Apartments:
7,796

Selma Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
39.17% 1.65%
3
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$810 / per month

Homeownership Rate

Homeownership
Owners 42.91
Renters 57.09
Vacant 16.88

Housing Market Details

 

Age of Homes

AGE OF Selma HOMES
2000 or Newer 8.8
1970 - 1999 32.1
1940 - 1969 41.6
1939 or Older 17.5

Types of Homes

TYPE OF Selma HOMES
Single-Family 67.5
Townhomes 1.3
Small Apt. Buildings 19.0
Apt. Complexes 11.0
Mobile Homes 1.1
Other 0.1

Home Size

SIZE OF Selma HOMES
No Bedroom 2.97
1 Bedroom 8.87
2 Bedrooms 26.37
3 Bedrooms 43.09
4 Bedrooms 15.64
5 or more bedrooms 3.06