Union Springs AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Union Springs, 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

Union Springs Housing Market Information

With 3,465 people, 1,381 houses or apartments, and a median cost of homes of $77,322, 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 60.49% of the city's housing units. Other types of housing that are prevalent in Union Springs include mobile homes or trailers ( 15.20%), large apartment complexes or high rise apartments ( 14.22%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.69%).

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 53.23% owning and 46.77% 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 ( 30.64%). A lesser amount of the housing stock also hails from before 1939 ( 12.58%). There's also some housing in Union Springs built between 2000 and later ( 9.73%).

Vacant housing appears to be an issue in Union Springs. Fully 16.05% 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

Homes have actually lost value in Union Springs over the last then years, as home values have seen a decline of 1.95% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Union Springs home appreciation rates at 2.66%, which equates to an annual appreciation rate of 11.06%.

NeighborhoodScout's data show that during the latest twelve months, Union Springs's appreciation rate, at 5.60%, has been at or slightly above the national average. In the latest quarter, Union Springs's appreciation rate has been 2.66%, which annualizes to a rate of 11.06%.

Importantly, this makes Union Springs 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 Union Springs's latest annual appreciation rate is lower than 50% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$77,322

Union Springs, AL HOME PRICES

Value Range
> $1,063,000 0.7
$798,001 - $1,063,000 3.4
$532,001 - $798,000 2.5
$425,001 - $532,000 1.3
$319,001 - $425,000 5.1
$213,001 - $319,000 4.8
$107,001 - $213,000 14.5
$53,001 - $107,000 34.0
$0 - $53,000 33.7

Very Low for AL
Very Low for Nation

Value Relative to Nation Value Relative to State
95.1824817518248 92.5187032418953

Number Of Homes And Apartments:
1,381

Union Springs 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
48.52% 1.97%
6
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$858 / per month

Homeownership Rate

Homeownership
Owners 53.23
Renters 46.77
Vacant 16.05

Housing Market Details

 

Age of Homes

AGE OF Union Springs HOMES
2000 or Newer 9.7
1970 - 1999 47.1
1940 - 1969 30.6
1939 or Older 12.6

Types of Homes

TYPE OF Union Springs HOMES
Single-Family 60.5
Townhomes 1.4
Small Apt. Buildings 8.7
Apt. Complexes 14.2
Mobile Homes 15.2
Other 0.0

Home Size

SIZE OF Union Springs HOMES
No Bedroom 0.00
1 Bedroom 10.70
2 Bedrooms 19.57
3 Bedrooms 55.74
4 Bedrooms 13.98
5 or more bedrooms 0.00

Popular Neighborhoods in Union Springs

Popular Communities Near Union Springs, AL

Zip Codes in Union Springs, AL