The Explosion of the Alabama Housing Market

June 15, 2016 1:18 am Published by Leave your thoughts

The Mobile, Alabama metro area was the 12th-largest growing metro area in the United States from 2013-2014 and has continued to grow steadily ever since. If you’ve ever visited Mobile, you might understand why.

The beautiful Gulf Coast beaches and marshlands, combined with comfortable temperatures year-round, make it the perfect place to live. Even though it’s warm and the beaches are nice, it’s safe to assume that most people prefer to live indoors; therefore the housing market has exploded in the past few years as well.

The growing job market in Alabama, particularly in manufacturing and technology, is also evident in Mobile. Earlier this year, the first American-made Airbus took flight out of Mobile, where it was also manufactured. Airbus is one of several aviation companies with manufacturing plants around Mobile that total to employ about 3,500 people.

As industry in the area continues to flourish, civil engineers in Mobile, AL are going to have plenty of work to do to keep up with the city’s infrastructure. According to surveys, 99% of all workers commute by car. After a while that takes quite a toll on the roads. Real estate agents and housing developers are going to have their hands full as well. All of these people moving to Mobile will need a place to live.

Although the population has significantly increased over the past few years, the housing prices have remained lower than the national average, making Mobile an even more attractive city to those looking to relocate. The median sales price of a home in Mobile is $123,725. Nationwide, that figure is $222,700. That’s a big difference, especially considering you’d be moving to a warm, beautiful part of the country.

Depending on who you talk to, and when you talk to them, buying a home is either a great investment or something to avoid all together. It appears that those who purchased homes in Mobile within the past three years have made a good investment. Homes purchased in Mobile have appreciated on average by about $9,000 in the last year, and by almost $22,000 over the past three years. Sixty-two percent of Mobile residents have taken advantage of this appreciation and now own their homes.

Renters in Mobile don’t have much to complain about, either. The median price for a rental is currently $875 per month, which is a bit higher than the national median of $799 but way less than renters in larger cities like New York that could pay a few thousand dollars per month for housing.

Civil engineers in Mobile, AL can look forward to plenty of work as portions of downtown Mobile become revitalized. According to an article from 2013, an organization called the Downtown Mobile Alliance looks to make downtown “a more livable, walkable city center.” The revitalized downtown area looks to increase the amount of businesses and office spaces, as well as expand nicer housing options.

Mobile and the rest of Alabama have plenty to look forward to as the housing market continues to flourish!

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