Montgomery, AL Real Estate Market
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
Montgomery, AL Housing Market Trends
With a population of 196,986, 79,489 total housing units (homes and apartments), and a median house value of $154,546, house prices in Montgomery are solidly below the national average.
Single-family detached homes are the single most common housing type in Montgomery, accounting for 69.39% of the city's housing units. Other types of housing that are prevalent in Montgomery include large apartment complexes or high rise apartments ( 19.02%), duplexes, homes converted to apartments or other small apartment buildings ( 6.27%), and a few row houses and other attached homes ( 3.15%).
The most prevalent building size and type in Montgomery are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.63% owning and 48.37% renting.
There is a lot of housing in Montgomery 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 Montgomery built between 1940-1969 ( 28.16%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.86%). There's also some housing in Montgomery built before 1939 ( 6.38%).
Vacant housing appears to be an issue in Montgomery. Fully 15.21% of the housing stock is classified as vacant. Left unchecked, vacant Montgomery homes and apartments can be a drag on the real estate market, holding Montgomery 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.
Montgomery Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Montgomery, where house values have increased just 42.84%, which is annualized rate of 3.63%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Montgomery appreciation rates have trailed the rest of the nation. In the last twelve months, Montgomery's appreciation rate has been 1.69%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Montgomery were at 0.65%, which equates to an annual appreciation rate of 2.62%.
Relative to Alabama, our data show that Montgomery's latest annual appreciation rate is lower 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 Montgomery differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Montgomery - 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 Montgomery real estate investment or home purchase decisions.
Median Home Value
$154,546
Low
for Alabama
Very Low
for nation
Number of Homes And Apartments:
79,489
AL
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,575 / per month