Birmingham was recently named as one of Realtor.com’s Top 10 Easiest Places to Buy a Home, which should come as no surprise—Birmingham has held the coveted title as Alabama’s hottest housing market for years! Over the past few years we’ve seen a real boom in the Birmingham housing market, with Birmingham’s home sales accounting for a large portion of all home sales in the state of Alabama year after year.
But what has spurred the Birmingham housing market’s dramatic sales increase in recent years? Read on to learn all about the Birmingham housing market, and why now is the opportune time to invest in a new home in Alabama’s hottest Housing Market!
It’s Practical & Affordable: According to Fortune Builders, the Birmingham Housing Market is more affordable than most housing markets in the United States, with Birmingham residents spending approximately 12% of their income on mortgage payments, compared to the national average of 16%.
High Demand, Low Supply: Continued decreases in the median number of days a home is on the market is a signal of an increase in consumer demand, because, as the name would suggest, the average or “median” number of days between homes being listed and sold on the Birmingham housing market has continued to shrink. In September 2015 for example, according to Movoto, the median days a single family home in Birmingham was on the market was 97 days—compared to August 2015’s 103 days.
Home Values Continue to Appreciate: Continued increase in demand is also due in part to the continued increase in home values where, according to Neighborhood Scout, the Birmingham housing market’s total appreciation was double that of the national average over the past two years. Home values have appreciated 1.3% over last quarter, 5.92% over the past year, and 10.14% over the past two years.
With this continued growth in home values and subsequent demand, it should come as no surprise that new home builders in the Birmingham area are hopping on board to increase the market’s hottest commodity—single family homes! Over the course of the past year alone, single family housing permits have increased over 17%, compared to the increase in the national average of 2.3%.
The Birmingham Business Journal recently released their list of the top homebuilders in Birmingham, which were ranked by number of housing permits and average home value of existing homes, and named one of our beloved homebuilders here at Ross Bridge,Signature Homes, as the top homebuilder in Birmingham!
According to the Birmingham Business Journal, Signature Homes obtained 338 housing permits last year—nearly double that of the second-place homebuilder, D.R. Horton. In addition, Signature Homes also holds the highest average home value of all homebuilders on the BBJ’s list!
Be sure to check out Signature Homes’ stunning collection of new homes at Ross Bridge today, and start planning your move to Birmingham Alabama’s Hottest-Selling New Home Community!