How Much Is The Average Home Value In Foley AL?
Looking at the real estate market trends of a city like Foley, AL, for whatever reason, buying or selling, will give you a surprise. Whether the surprise is good or bad depends on whether you are interested in selling or buying.
However, before we get into details about the current housing market situation in the city of Foley, AL, you need to be aware of the city’s accelerated growth as it is a major influencer of the market. Looking back to the year 2000, the city’s population was 7,600. Nowadays, Foley’s population numbers are over 23,000 being one of the fastest-growing cities in Alabama. That kind of growth increases the demand for housing. While the city does manage to keep up with that demand, there is a slight struggle because the growth doesn’t seem to stop or be hindered. If you’re considering moving to this city, the best thing you can do is contact real estate agents in Foley AL to discuss your needs with them.
Foley’s Housing Market
Despite the elaborate plans to develop new areas and neighborhoods in the city and complete those plans, there are still people left struggling to find a home. This imbalance leads to an imbalance in the market. At the moment this imbalance isn’t as tilted towards the buyers or the sellers, but the following years might change that especially with the Foley being a hub of recreational activities. Over the last couple of years, Foley’s housing market began to slightly tilt to the sellers’ benefit, making it a light Seller’s Market, with a higher demand of housing because of the dropping supply of houses on the market.
The housing prices are starting to climb as more people look to relocate to Foley and over the last 12 months, the median home value grew by 12.3%. The trend doesn’t seem to stop or change direction making the city’s housing market a steaming hot one. While prices are currently at a median of $213,000, time will tell how much more they will grow, because there will continue to be growth.
If you’re determined to buy a home but don’t have a timeline set, real estate professionals can advise you whether waiting would benefit you, or whether you should buy now before prices grow any further.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
In order to determine what is the definition of utility, we only need to look at what the term comes from. The word utility can be used to describe something useful and when looking at what ...
Doing business as, or DBA, means an official moniker for your enterprise or company. Regularly, a DBA is a state certificate serving as a registration name and issued under a ...
Evaluation of a contemplated project or course of action, according to pre-establisher criteria to determine if the proposal meets the requirements of the property owner. An analysis is ...
(1) Right to engage in and earn from a particular activity in return for services or for a particular use. (2) Reduced price used as an incentive. (3) Permission or right, granted by a ...
In a broader sense, Full Disclosure means presenting all information (significant or not, classified or not) related to a certain matter. In Real Estate, the term “Full ...
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
(1) Methods that involve discounting the future cash flows generated by an income property. These techniques are used primarily for valuation. (2) Methods of selecting and ranking ...
Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...
Latin term meaning legal capacity to act on behalf of oneself. ...
Have a question or comment?
We're here to help.