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 2,934, 784 total housing units (homes and apartments), and a median house value of $118,099, house prices in Marion 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 Marion, accounting for 59.62% of the city's housing units. Other types of housing that are prevalent in Marion include duplexes, homes converted to apartments or other small apartment buildings ( 32.80%), mobile homes or trailers ( 7.59%).
The most prevalent building size and type in Marion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 36.90% owning and 63.10% renting.
There is a lot of housing in Marion 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 Marion built between 2000 and later ( 20.62%). A lesser amount of the housing stock also hails from before 1939 ( 14.42%). There's also some housing in Marion built between 1940-1969 ( 8.65%).
Vacant housing appears to be an issue in Marion. Fully 16.24% of the housing stock is classified as vacant. Left unchecked, vacant Marion homes and apartments can be a drag on the real estate market, holding Marion 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.
Marion's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Marion during the period has been just 5.45%, which is lower than 70% of US communities.
Over the last year, Marion appreciation rates have trailed the rest of the nation. In the last twelve months, Marion's appreciation rate has been 3.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Marion were at -1.79%, which equates to an annual appreciation rate of -6.98%.
Notably, Marion's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Alabama, our data show that Marion's latest annual appreciation rate is lower than 60% of the other cities and towns in Alabama.
$118,099
for Alabama
for nation
784
$1,056 / per month