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
Flaw in an otherwise proper title. A title obtained through error or fraud without proper signature or consideration or other improper action. A defective title is null and void having no ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
Subordinate lien to a previous lien. Generally attached after a previous, and therefore senior, lien has been attached to property. In the event of a foreclosure action where there are ...
Certificate issued by the government showing evidence that the veteran is qualified and the amount of guarantee available to maintain a VA loan. It is one of the documents necessary to ...
Formal statement by an auditor, after through examination and consideration, as to whether a real estate company's financial statements fairly present financial position and operating ...
Typically, a waiver means remission or giving up on a particular claim. You can find the term waiver widely used in real life, finance, and real estate terminology. How do waivers work? A ...
Obtaining all the money needed for a real estate project's development. The acquirer/developer does not need to give any of his own funds for upfront costs. The developer also does not have ...
See before-tax cash flow; cash flow. ...
(1) Surrendering voluntarily or involuntarily ownership of property or an interest therein. (2) Court order to give up possession or the right to property such as in the case of an ...
Have a question or comment?
We're here to help.