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Alabama real estate

Alabama – A Housing Market Looking for Big Strides

Out of all the Southern states, Alabama was hit the hardest by the Great Recession. In the year and a half leading up the housing bubble’s burst, Alabama’s unemployment rate averaged 3.5%. In the year and a half after the recession was officially deemed over, the unemployment rate here averaged 10.4%. That doesn’t exactly make it easy for people to run out and buy new homes!

But today – now that the Great Recession is further and further in the rear-view mirror – Alabama’s housing market is looking healthier. Both home prices and the number of home sales are going up. Specifically, Alabama’s sales prices rose about 2% by the end of 2012.

So, how does everything break down on a more local level?

The homes for sale in Birmingham – the state’s biggest city – are gathering more interest and selling for more money. According to realtors in Birmingham, there were 10% more homes sold in 2012 than there were in 2011. By the end of 2012, the median sales price had risen a whopping 17% -- up to $155,000. Part of the reason for the price increase was a drop in inventory. However, the price increase is made more impressive when you consider that more than ¼ of Birmingham’s 2012 home sales were foreclosures – which drive down process.

Realtors in Tuscaloosa were happy with what 2012’s sales numbers brought, even though they were skewed by a tornado in April. Despite the damage, homes for sale in Tuscaloosa wound up selling for 30% more than they did in 2011, and there’s no reason to believe that those price increases are going to slow down anytime soon!

Realtors in southeastern Alabama are just as optimistic, thanks to what’s going on in Dothan. Even though the numbers aren’t as good as real estate experts would like, the jobs market here is doing very well – with the local unemployment rate well below both the state and national averages. That means people living in Dothan have steady paychecks that they can use to buy new homes, if they want, and realtors here believe the combination of lower prices (thanks to a healthy inventory of available homes for sale) and low mortgage rates will convince them to do just that!

However, Huntsville might be the best housing market in the entire state! Realtors in Alabama say this area has the best inventory, and the number of sales here jumped almost 12% in 2012. If the homes for sale in Huntsville in 2013 can keep up the same momentum, big things could happen here!

No matter which part of Alabama you want to call home, the future is now. Despite the hardships of the recession, this state is poised to make big strides in 2013!

Living in Alabama

There’s a reason they call it “Sweet Home Alabama”! Nicknamed the “Heart of Dixie”, Alabama offers both the splendor of 22 million acres of forest combined with the convenience of several large metropolitan areas.

If you like mild winters and warm summers, you’ll love it here. Alabama’s summers are extremely hot. The winters don’t offer much snow. Instead, there’s a lot of rain. All of that rain means that southern Alabama can enjoy an extra-long growing season – up to 300 days, to be exact!

Before you head south, let’s talk about some of Alabama’s fast facts:

  • What is the population of Alabama?
  • The population of Alabama is 4,822,023
  • What is the capital of Alabama?
  • The capital of Alabama is Montgomery
  • What is the largest city in Alabama?
  • The largest city in Alabama is Birmingham

The Alabama economy consists of a combination of crop and animal production, as well as multiple industrial outputs such as iron and steel products. It is also well-known for paper and lumber productions as well as coal mining and automobile manufacturing. NASA's George C. Marshall Space Flight Center and the U.S. Army Materiel Command are headquartered by Huntsville at Redstone Arsenal. So, there are plenty of business opportunities here!

Alabama has so much to offer away from the office, especially if you take pleasure in history and outdoor activities. From the Russell Cave National Monument in Bridgeport and the Horseshoe Bend National Military Park near Alexander City, to the Little River Canyon National Preserve near Fort Payne and the Tuskegee Airmen National Historic Site in Tuskegee, the Alabama National Park Service offers plenty of recreation. There are also four National Forests in Alabama as well as National Historic Trails. Just south of Haleyville lies the "Natural Bridge" rock, the longest natural bridge east of the Rockies.

Golfers will love the Robert Trent Jones Golf Trail, a collection of championship level golf courses located at 11 sites throughout Alabama. Two of these courses are used on the LPGA Tour.

For those in search of tranquility and plenty of sunshine, the sugar white sands and sparkly emerald beach waters of the Alabama Gulf Coast are a great choice. Down on the coast, you’ll find plenty of seaside shopping and restaurants – the perfect treat!

This is the Census data for Alabama

Population

Total population estimate for Alabama (July 1) 2012
4,822,023
Total population change for Alabama- April 1, 2010 to July 1, 2012
0.9%

Age

Percentage of the population that's under 5 years old in Alabama, 2011
6.3%
Percentage of the population that's under 18 years years old in Alabama, 2011
23.5%
Percentage of the population that's 65 years and over Alabama, 2011
14.0%

Gender

Percentage of the population that are females in Alabama, 2011
51.5%

Race breakdown for Alabama in percentages

White alone, 2011
70.1%
Black alone, 2011
26.5%
American Indian and Alaska Native alone,2011
0.7%
Asian alone, percent, 2011
1.2%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.4%
Hispanic or Latino Origin, 2011
4.0%
Not Hispanic, White alone, 2011
66.8%

A little more about the residents of Alabama

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.5%
Percent of residents who are foreign born 2007-2011
3.4%
Percent speaking a language other than English at home, 2007-2011
5.0%

Education

Percent high school graduates or higher for residents 25 years old and over in Alabama, 2007-2011
81.9%
Percent with a bachelor's degree or higher for residents 25 years old and over in Alabama, 2007-2011
22.0%

Veterans

Total number of Veterans living in Alabama 2007-2011
403,982

Communting

The average travel time to work for workers in Alabama (16 years and over not working at home), 2007-2011
24.0 mins

Real estate stats in Alabama

Housing unit estimates, 2011
2,182,088
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
70.7%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
15.5%
Median value of specified owner-occupied housing units, 2007-2011
$120,800.00
Households, 2007-2011
1,831,269
Average household size, 2007-2011
2.53

Income

Per capita income for Alabama in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$23,483.00
Median household income in Alabama, 2007-2011
$42,934.00
Percentage of people living in poverty in Alabama 2007-2011
17.6%

Business and commerce info for Alabama

Private nonfarm establishments, 2010
99,251
Private nonfarm employment for pay period including March 12, 2010
1,568,111
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-5.1%
Total number of businesses in Alabama, 2007
382,350
Percentage of Black-owned businesses in Alabama, 2007
14.8%
Percentage of American Indian- and Alaska Native-owned businesses in Alabama , 2007
0.8%
Percentage of Asian-owned businesses in Alabama, 2007
1.8%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Alabama, 2007
0.1%
Percentage of Hispanic-owned businesses in Alabama, 2007
1.2%
Percentage of Women-owned businesses in Alabama, 2007
28.1%

Land size and population

Size of Alabama in Square Miles, 2010
50,645.33 mi²
Population per square mile in Alabama, 2010
94.4

Alabama real estate