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Current home values in Alabama

Home values have been rising throughout Alabama and are up 8.2% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $318,533, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of current mortgage rates and the low monthly house payments they provide.

Here's how that works in Alabama: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $318,533 home at 3.33% would give a typical Alabama homebuyer a monthly payment of $1,120, assuming a 20% down payment.

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How the Alabama housing market stacks up

Family at a beach
Deborah Kolb / Shutterstock
Families in Mobile, Alabama can enjoy an inexpensive outing to the beach, which is only minutes from downtown

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Alabama, they're predicted to rise 5.1%.

Homes right now are going on the market in Alabama at a median price of $110 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at the latest mortgage rate trends.

Alabama home prices over the last 10 years

Year Avg. Price
2020* $142,264
2019 $131,463
2018 $126,250
2017 $119,700
2016 $116,517
2015 $112,617
2014 $110,183
2013 $105,758
2012 $96,617
2011 $96,083
2010 $100,758
2009 $104,600

*2020 price average through March 31, 2020.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Alabama is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $276,185
2019 $192,500
2018 $185,000
2017 $172,500
2016 $170,000
2015 $162,500
2014 $157,500
2013 $152,500
2012 $142,500
2011 $142,500
2010 $150,000
2009 $155,000

*2020 price average through March 31, 2020.

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Doug Whiteman Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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