Union Springs, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Union Springs, AL Real Estate Data


Union Springs Housing Market Information

With 3,919 people, 1,252 houses or apartments, and a median cost of homes of $69,702, house prices in Union Springs 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 Union Springs, accounting for 61.21% of the city's housing units. Other types of housing that are prevalent in Union Springs include mobile homes or trailers ( 22.28%), duplexes, homes converted to apartments or other small apartment buildings ( 8.68%), and a few large apartment complexes or high rise apartments ( 7.12%).

The most prevalent building size and type in Union Springs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.71% owning and 45.29% renting.

There is a lot of housing in Union Springs 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 Union Springs built between 1940-1969 ( 30.68%). A lesser amount of the housing stock also hails from before 1939 ( 12.38%). There's also some housing in Union Springs built between 2000 and later ( 8.54%).

Vacant housing appears to be an issue in Union Springs. Fully 10.89% of the housing stock is classified as vacant. Left unchecked, vacant Union Springs homes and apartments can be a drag on the real estate market, holding Union Springs 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.

Union Springs Home Appreciation Rates

Union Springs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Union Springs during the period has been just -1.22%, which is lower than 70% of US communities.

Over the last year, Union Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Union Springs's appreciation rate has been 0.45%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Union Springs were at -0.98%, which equates to an annual appreciation rate of -3.85%.

Notably, Union Springs's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alabama, our data show that Union Springs's latest annual appreciation rate is lower than 70% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$69,702

Union Springs, AL HOME PRICES

Value Range
> $1,008,000 0.8
$756,001 - $1,008,000 0.0
$504,001 - $756,000 1.2
$403,001 - $504,000 1.6
$302,001 - $403,000 5.5
$202,001 - $302,000 3.6
$101,001 - $202,000 10.5
$50,001 - $101,000 49.4
$0 - $50,000 27.5

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
95.3211062932146 89.5

Number Of Homes And Apartments:
1,252

Rent & Ownership

 

Average Market Rent:
$859 / per month

Homeownership Rate

Homeownership
Owners 54.71
Renters 45.29
Vacant 10.89

Housing Market Details

 

Age of Homes

AGE OF Union Springs HOMES
2000 or Newer 8.5
1970 - 1999 48.4
1940 - 1969 30.7
1939 or Older 12.4

Types of Homes

TYPE OF Union Springs HOMES
Single-Family 61.2
Townhomes 0.7
Small Apt. Buildings 8.7
Apt. Complexes 7.1
Mobile Homes 22.3
Other 0.0

Home Size

SIZE OF Union Springs HOMES
No Bedroom 5.77
1 Bedroom 5.27
2 Bedrooms 33.88
3 Bedrooms 36.51
4 Bedrooms 14.80
5 or more bedrooms 3.77

Union Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
29.78% 1.52% 6 3
* 10 is highest

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Zip Codes in Union Springs, AL