Top 5 Markets for Year-to-Date Home Price Appreciation
The Alabama Center for Real Estate created the following rankings based on year-to-date median price appreciation through October.
- 1. Morgan County - 14.5 percent
- 2. Gadsden - 13.2 percent
- 3. Phenix City - 11.1 percent
- 4. Athens - 10.5 percent
- 5. Calhoun County - 10.1 percent
Statewide Average: 4.9 percent
National Average: 4.8 percent
Morgan County: Home values are on the rise in the Decatur area as it led all markets in the state in year-to-date (YTD) median price appreciation through October. Median sales prices increased 14.5 percent YTD from $123,415 in 2017 to $141,325 currently. Inventory shortages played a significant role in driving prices upwards throughout 2018. Residential inventory in the area was down 34.9 percent during October, while the statewide inventory dropped 9.2 percent. Other markets in the north Alabama region experiencing major year-over-year inventory declines include: Huntsville down 24.5 percent, the Shoals Area down 6.8 percent, Athens down 23.3 percent, Cherokee County down 13.3 percent, Cullman down 9 percent, and Marshall County down 24.9 percent. With rising prices and declining inventory in the Decatur area, it is not surprising to see YTD average days on market drop from 100 in 2017 to 80 in 2018. The market currently has 3.4 months of supply.
Gadsden: We’re staying in the north Alabama region for Alabama’s second fastest rising home values through October. Median sales price in the Gadsden area increased 13.2 percent YTD from $108,630 to $122,948. October sales increased 4.2 percent from one year ago, while YTD sales are up 0.7 percent from 2017. Mirroring statewide and regional trends but to a less degree, inventory in the Gadsden area decreased 0.8 percent year-over-year. Homes in the area are selling 26 days faster as YTD average days on market dropped from 134 to 108. The market currently has 6.7 months of supply.
Phenix City: The only market outside of the north Alabama region to make the top five price appreciation rankings was Phenix City where the YTD median sales price increased 11.1 percent from $141,395 to $157,045. Mirroring statewide inventory trends but to a lesser degree, residential listings decreased 1.1 percent year-over-year during October. Residential sales improved 3.2 percent YTD from 957 during 2017 to 988 currently. Homes in the area selling 7 days faster than one year ago as YTD average days on market dropped from 121 to 114. The market currently has 4.5 months of supply.
Athens: We’re heading back to the northern region of the state for our fourth-fastest rising home prices. The year-to-date median sales price in Athens increased 10.6 percent from $185,658 to $205,274. Mirroring regional and statewide trends, residential inventory in the area is down significantly as it fell 23.3 percent from one year ago. Demand for housing in the area remains strong as total sales increased 10.8 percent YTD from 1,413 in 2017 to 1,565 currently. Homes in the area are selling 30 days faster than one year ago as YTD average days on market dropped from 92 to 62. The market currently has 3.1 months of supply.
Calhoun County: Alabama’s fifth-fastest rising home values are found in the Anniston area where the YTD median sales price increased 10.1 percent from $120,399 to $132,530. Mirroring statewide trends, residential listings dropped 5.3 percent from one year ago. Total residential sales increased 3.9 percent YTD from 1,399 in 2017 to 1,453 currently. Homes are selling 26 days faster than last year as YTD average days on market decreased from 110 to 84. The market currently has 4.6 months of supply.
To view year-to-date data for all Alabama markets, see pages 4-8 of ACRE’s statewide report.
CCIM 4Q19/1Q20 CRE Insights Report