Selma, 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
Selma, AL Housing Market Trends
With 17,023 people, 7,456 houses or apartments, and a median cost of homes of $122,182, house prices in Selma 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 Selma, accounting for 65.42% of the city's housing units. Other types of housing that are prevalent in Selma include duplexes, homes converted to apartments or other small apartment buildings ( 23.73%), large apartment complexes or high rise apartments ( 9.33%).
The most prevalent building size and type in Selma are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.51% owning and 54.49% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Selma's housing was primarily built during this period, from the '40s through the '60s. A full 42.44% of the city's housing hails from this era. Other housing ages represented in Selma include homes built between 1970-1999 ( 36.64%) and housing constructed before 1939 ( 14.79%). There's also some housing in Selma built between 2000 and later ( 6.14%).
Vacant housing appears to be an issue in Selma. Fully 20.00% of the housing stock is classified as vacant. Left unchecked, vacant Selma homes and apartments can be a drag on the real estate market, holding Selma 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.
Selma Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Selma, where house values have increased just 34.17%, which is annualized rate of 2.98%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Selma appreciation rates have trailed the rest of the nation. In the last twelve months, Selma's appreciation rate has been 1.76%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Selma were at -1.79%, which equates to an annual appreciation rate of -6.98%.
Notably, Selma's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Alabama, our data show that Selma's latest annual appreciation rate is lower than 80% 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 Selma differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Selma - 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 Selma real estate investment or home purchase decisions.
Median Home Value
$122,182
Very Low
for Alabama
Very Low
for nation
Number of Homes And Apartments:
7,456
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:
$1,291 / per month