Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Birmingham, AL, is certainly worth considering.
In central northern Alabama, the city of Birmingham is a bustling hub of food, culture, and community. It’s also designated as the entertainment hub of Alabama. Surrounded by national forests, reservoirs, and with a variety of local universities, the city is a popular location for both Alabama natives and transplants alike.
Named after Birmingham, UK, for its industrial beginnings, it’s the only place in the US that has all of the ingredients to make iron—coal, iron ore, and limestone—in one centralized location. The city's history is tied closely to its industrial roots that can still be felt today, with many historic homes dotting the area.
But what about the Birmingham real estate market in April 2024? What do stats and trends look like contemporarily? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Here are some of the top trends for the Birmingham real estate market (April 2024):
Birmingham General Statistics
Population (city proper): 196,353
Population (metro area): 1,116,857
Area (city proper): 147 sq. mi.
Area (metro area): 4,488.7 sq. mi.
Median Age: 35.2
GDP (metro area): $79 Billion
Unemployment rate (metro area): 3.1% (up .7% Since December 2023)
Top employers: Encompass Health, Regions Bank, BFW Liquidations LLC, University of Alabama Birmingham, BE&K, Vulcan Materials, BL Harbert International, UAB Medicine, Motion Industries, Alabama Power.
Highest paying jobs: Physician, Hospitalist Physician, Hematologist, Cardiologist, Internist, Medical Director, Hospitalist, Radiologist, Rheumatologist, Psychiatrist.
Median income (per capita): $29,492
Median income (household): $39,326
Birmingham Real Estate Market (April 2024) Statistics
Neighborhoods: 88
Homes for sale as of April 2024: 1,500
Median list price: 179.9K (down .4% since January 2024)
Median sold price: $225K (up 2% Since January 2024)
Sale-to-list price ratio: 98.3%
Median price per square foot: $116
Median days on market: 47
Rental vacancy rate: 6.4%
Homeowner vacancy rate: 3.6%
One-year appreciation rate: -4.1%
Average rent: 1,297 (up 0.2% since March 2023)
Price-to-rent ratio: 14.8
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
Redmont Park | ||
Shoal Creek | ||
Brook Highland | ||
Highland Lakes | ||
Forest Park |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
Wylam | ||
Norwood & Druid Hills | ||
Harriman Park | ||
Oakwood Place | ||
Roosevelt |
Final Thoughts: Birmingham Real Estate Market (April 2024) Trends
The Birmingham real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Birmingham real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Birmingham home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
This content was originally published on Evernest.co.
