Mobile’s housing market is buzzing with activity!
As a licensed real estate agent with a pulse on these things, I’ll share insights on property value trends.
Can you tell how excited I am?
According to Redfin, home prices rose by 5.7% compared to last year, reaching a median of $196K!
But that’s just the beginning…
In this post, we’ll dive into past trends and explore how population and job growth drive the market.
We’ll also look into rising neighborhoods and showcase what makes life in Mobile so appealing.
So, get ready for an in-depth look at Mobile’s flourishing real estate scene.
An Overview of Property Values in the Last Decade
Things are looking good.
This year, the cost per square foot jumped up by 11.0%, now at $121.
Homes are selling fast, too, averaging only 20 days on the market.
This competitive vibe means many homes get multiple offers, some even selling above the list price.
Take a look at this graph from Zillow:
It’s an encouraging picture.
Mobile’s property values have steadily climbed over the last decade.
Starting well under $100K, the climb is consistent and promising, with values now approaching $200K.
This uptrend suggests a healthy market, with an especially notable rise in the past two years!
Population Buzz
Mobile has experienced a population decline over recent years.
But despite this trend, the city’s economy has attracted new businesses, which could potentially contribute to future growth.
Plus, the city’s recent annexation has expanded its borders, bringing more folks into the fold.
According to World Population Review, this could positively impact property values by increasing demand for housing in the area.
You can learn more about the annexation here.
This stability is a magnet for homeowners and investors.
Steady numbers mean a stable demand for homes, keeping property values buoyant.
Jobs Galore
Employment opportunities are flourishing in Mobile.
Sectors like aviation, tech, logistics, and healthcare are not just growing — they’re thriving.
Think about it…
More jobs mean more folks moving in, looking for homes, and ready to spend.
The city’s low unemployment and growing economy spell out more demand for housing.
That’s always good news for property values.
For a closer look, Roofstock has the stats on how these booming sectors are lifting Mobile’s real estate market.
Hot Real Estate Trends
Here’s a quick scoop:
According to Norada, homes are selling at 96.1% of their asking price.
What does that mean?
Well, most folks are getting pretty much what they’re for their homes, showing that buyers are willing to pay up in this market.
Driving this trend are a bustling economy, affordable living costs, and homes for every taste and budget.
I’m talking about everything from cozy starters to fancy waterfront estates.
It’s a vibrant market where value meets variety, making Mobile a sought-after spot for homebuyers and investors alike!
Neighborhood Spotlight: Where Values Are Rising
Property values are really taking off in neighborhoods like Milhouse, Berleigh, and Carlen.
Each of these areas offers a unique charm and a mix of housing options, appealing to a range of buyers.
Milkhouse charms with its suburban feel, offering a mix of family homes and apartments.
Berkleigh attracts with medium and small homes, mostly owned.
Carlen adds to the allure with its established, owner-occupied homes, dating back to as early as 1940.
All three neighborhoods show a blend of history, stability, and growing appeal.
They represent thriving areas where property values are on the rise.
For more detailed insights on these areas and others where property values are rising, check out the complete list here.
Life in Mobile
As a local and a practicing real estate agent, I can tell you that the rising property values here are no surprise.
Mobile is a fantastic place to live, with affordable living costs and a strong job market.
Folks are drawn to owning a home in a city where your dollar stretches further.
Professionals with families relocate here because of booming sectors like healthcare and tech.
Plus, Mobile’s rich history, diverse culture, and close proximity to gorgeous Gulf Coast beaches add to its allure.
It’s these qualities that are making Mobile an increasingly popular choice for homebuyers and investors.
If you’d like to know more, I made a list of unique selling points for homes in Mobile!
FAQs
Is Mobile, Alabama, a good place to invest in real estate?
Investing in Mobile’s real estate market looks like a smart move right now.
The scene is quite active, and homes aren’t too pricey.
Plus, houses are selling fast, and pretty close to their asking prices.
Mobile has a growing economy, and living here won’t break the bank, which keeps driving more folks to the area.
All in all, it’s a good time to think about putting money into Mobile’s property market.
Are home prices going up in Alabama?
The Alabama housing market is showing a mix of trends.
While the overall market seems stable, the median sale price for homes experienced a slight dip.
However, the market remains competitive, with homes selling relatively quickly.
This suggests that while there isn’t a significant rise in prices, the market is active with steady demand.
Is Mobile, Alabama, expensive to live in?
Living in Mobile is affordable compared to many other cities.
The cost of living here is lower than the national average.
This means things like housing, groceries, and utilities don’t cost as much.
You get more bang for your buck in Mobile!
It’s a smart choice for a comfortable lifestyle without the big-city price tag.
Related Reading: Garage Door Companies in Mobile AL – Click Here To Learn More
Final Thoughts
Mobile, Alabama, is showing real promise as a real estate hotspot.
With its affordable living, strong job market, and rich culture, it’s attracting attention.
The property values here are on a positive trend.
Mobile’s mix of economic growth and lifestyle appeal paints a bright future for its real estate market.
So, if you’re eyeing a new place for investment or a home, Mobile’s definitely worth a closer look!
