Birmingham Real Estate Market: July 2024 Stats and Trends
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.
With lush landscapes, a booming job market, and plenty of entertainment options, Alabama's most populous city is certainly worth exploring. Known affectionately as ‘The Magic CIty’, for its rapid growth and expansion of its downtown area, Alabama locals and transplants alike can all find something to love in this charming city.
Whether you’re into outdoor recreational activities, a vibrant live music scene, or southern comfort food, Birmingham truly has it all.
But what about the Birmingham real estate market in July 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 (July 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): 2.2% (down .09% since February 2024)
- 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 (July 2024) Statistics
- Neighborhoods: 88
- Homes for sale as of July 2024: 1,602
- Median list price: $199.9K (up 2% since January 2024)
- Median sold price: $197K (up 1.1% Since January 2024)
- Sale-to-list price ratio: 96.24%
- Median price per square foot: $122
- Median days on market: 45 (down 16% since January 2024)
- Rental vacancy rate: 6.4%
- Homeowner vacancy rate: 3.6%
- One-year appreciation rate: -5.6%
- Average rent: $1,290
- Price-to-rent ratio: 14.8
- Most expensive neighborhoods:
- Least expensive neighborhoods:
Final Thoughts: Birmingham Real Estate Market (July 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.
