Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 3,448, 1,360 total housing units (homes and apartments), and a median house value of $102,090, house prices in Elba are some of the most affordable in Alabama as well as the nation.
Single-family detached homes are the single most common housing type in Elba, accounting for 84.25% of the city's housing units. Other types of housing that are prevalent in Elba include mobile homes or trailers ( 9.42%), duplexes, homes converted to apartments or other small apartment buildings ( 5.21%), and a few large apartment complexes or high rise apartments ( 1.12%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elba. Owner-occupied housing accounts for 70.16% of Elba's homes, and 79.37% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Elba built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elba built between 1940-1969 ( 35.43%). A lesser amount of the housing stock also hails from before 1939 ( 13.73%). There's also some housing in Elba built between 2000 and later ( 9.75%).
Vacant housing appears to be an issue in Elba. Fully 23.77% of the housing stock is classified as vacant. Left unchecked, vacant Elba homes and apartments can be a drag on the real estate market, holding Elba real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Elba, where house values have increased just 42.66%, which is annualized rate of 3.62%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Elba appreciation rates have trailed the rest of the nation. In the last twelve months, Elba's appreciation rate has been 2.63%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elba were at -1.79%, which equates to an annual appreciation rate of -6.98%.
Notably, Elba's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Alabama, our data show that Elba's latest annual appreciation rate is lower than 80% of the other cities and towns in Alabama.
$102,090
for Alabama
for nation
1,360
$1,183 / per month