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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Florence, AL Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Florence, AL Housing Market Trends

With 41,690 people, 17,020 houses or apartments, and a median cost of homes of $245,262, house prices in Florence are solidly below the national average.

Single-family detached homes are the single most common housing type in Florence, accounting for 63.32% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 22.81%), duplexes, homes converted to apartments or other small apartment buildings ( 11.08%), and a few mobile homes or trailers ( 1.61%).

The most prevalent building size and type in Florence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.02% owning and 52.98% renting.

There is a lot of housing in Florence 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 Florence built between 1940-1969 ( 37.75%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.28%). There's also some housing in Florence built before 1939 ( 6.98%).

Vacant housing appears to be an issue in Florence. Fully 13.64% of the housing stock is classified as vacant. Left unchecked, vacant Florence homes and apartments can be a drag on the real estate market, holding Florence 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.

Florence Home Appreciation Rates

Real estate appreciation rates in Florence's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.28% during the period.

Appreciation rates are so strong in Florence that despite a nationwide downturn in the housing market, Florence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Florence appreciation rates continue to be some of the highest in America, at 12.72%, which is higher than appreciation rates in 95.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Florence. Florence appreciation rates in the latest quarter were at 5.20%, which equates to an annual appreciation rate of 22.49%.

Importantly, NeighborhoodScout’s exclusive research found that Florence's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Alabama, our data show that Florence's latest annual appreciation rate is higher than 90% of the other cities and towns in Alabama.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Florence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Florence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Florence real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$245,262

Florence, AL Home Prices
> $1,457,000
$1,093,001 - $1,457,000
$729,001 - $1,093,000
$583,001 - $729,000
$437,001 - $583,000
$291,001 - $437,000
$146,001 - $291,000
$73,001 - $146,000
$0 - $73,000
0.5%
0.5%
0.7%
0.7%
1.7%
1.7%
4.0%
4.0%
5.8%
5.8%
19.8%
19.8%
37.5%
37.5%
18.3%
18.3%
11.7%
11.7%
0% 100.0%
% of Homes
High

for Alabama

Average

for nation

Number of Homes And Apartments:

17,020

Florence Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,326 / per month

Homeownership Rate

Owners
Renters
47.0%
47.0%
53.0%
53.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.6%
13.6%
86.4%
86.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.3%
14.3%
41.0%
41.0%
37.8%
37.8%
7.0%
7.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.3%
63.3%
1.1%
1.1%
11.1%
11.1%
22.8%
22.8%
1.6%
1.6%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.5%
2.5%
12.3%
12.3%
29.4%
29.4%
41.3%
41.3%
11.5%
11.5%
3.0%
3.0%
0% 100.0%
% of Homes