Birmingham Real Estate Update: Home Prices Rise

The housing market is hit or miss across the country as a whole, but in Birmingham at least, it seems to be a hit so far. According to CoreLogic, home prices in the metro Birmingham area grew by 3.9% from July 2012 to July 2013, which is the highest yearly increase in the state. Next was Dothan (3.6%) followed by Mobile (2.1%). The state as a whole had an increase of 2%. This number was pulled down considerably by a dramatic decrease in a few key areas, such as Huntsville (minus 6%), Decatur (minus 2.5%), and Auburn-Opelika (minus 2.4%). Those looking for home sales in Birmingham, then, have to be pleased at the rate at which Birmingham home prices are rising relative to the rest of the state. Plus, with an increased national spotlight on Birmingham and its growth and revitalization, more interest in real estate within the city will surely come in the near future to further increase home prices. As a consequence of rising home prices, more people in Birmingham are looking to sell their home. Over the last year (July 2012 to July 2013), home sales in Birmingham increased by 24% after falling by 4% in 2011. The median home price was also up by 21%, according to the Alabama Center of Real Estate (ACRE). Alabama real estate as a whole may not be picking up quite as quickly as we’d all like, but when you look to the metro Birmingham-Hoover area, home prices are rising well above the state average and are on a positive upward trend. If you are in search of homes to rent in Birmingham, AL, or need a property management company who can provide you with trusted and reliable Birmingham property management, contact gkhouses.com and call us today at 205.940.6363.