Mobile’s Real Estate Market Shows Promising Growth Despite Sales Dip in March 2024

Report of recent trends in Mobile, Alabama’s real estate market, highlighting rising property values, fluctuating sales volumes, and the variations in value and sales figures across neighboring areas as of March 2024.

authorWritten by Manuel MartinezApr 17, 2024

Overview of Mobile’s Real Estate Market Trends

Mobile, Alabama, situated on the Gulf Coast, has a real estate market that mirrors the vibrant and dynamic nature of the city itself. A closer look at recent trends reveals a positive outlook for homeowners and investors alike, as the average value of properties in the Mobile area demonstrates a general uptick over time. This is evident in the growth from $225,000 in April 2023 to an impressive $245,000 by March 2024. This growth suggests a robust market, despite a transient dip to $235,000 preceding it in February 2024. Such fluctuations are inherent to real estate markets, but the overarching trajectory for Mobile points towards appreciating home values.

In line with the property values, the average value per square foot follows suit with its own rise. Initiating at $121 per square foot in April 2023, it hit a peak at $128 per square foot by March 2024. This clearly indicates that not only are the properties themselves gaining in value, but so is the very land they rest upon. A consistently climbing price per square foot typically signifies a market condition that favors sellers, with property values on the rise and potential for profitable investment opportunities.

Mobile Alabama Real Estate Market Report April 2024 House Prices
Mobile Alabama Real Estate Market Report April 2024 House Prices

Yet, even as values climb, the number of properties sold reveals its own story. The dynamic nature of the market is showcased through the highest sales volume peaking in September 2023 at 2,559 properties, thereafter experiencing a gradual decline to the lowest number, 1,871 properties sold, in March 2024. This trend could reflect a range of influences, from seasonal shifts in buying behavior to broader changes in economic climates or housing market conditions.

With these overarching trends in mind, let’s transition to the specific numbers that paint the current picture of Mobile’s real estate landscape.

Current Real Estate Values and Volumes in Mobile and Surrounding Areas

As of March 2024, Mobile’s real estate market, as well as those of the neighboring areas, showcases a variety of value points and sales volumes that are essential for understanding the local market dynamics.

In Mobile, the average value stands healthy at $245,000, accompanied by a hearty $128 per square foot, exhibiting strong growth and a healthy market situation. The number of properties is significant at 365, providing a fair amount of inventory to prospective buyers. The average sale price, however, comes in at a more modest $184,288 with a corresponding value per square foot at $105. A noticeable gap exists between the average sale price and the average value of homes, indicating potential for bargaining or that homes may be selling for less than what could be considered market rate.

Neighboring Semmes shows an even higher average value of $249,000, with a substantial $137 per square foot, suggesting a slightly more upscale or in-demand market. The small number of properties, just 24, denotes a more exclusive inventory. This exclusivity is matched with a higher average sale price of $251,000 at $120 per square foot, inferring a market where properties are not only valued highly but are selling close to those values.

The market in Eight Mile presents a contrast, with a notably lower average value at $50,000 and $44 per square foot. However, the average sale price in this area jumps to $150,406 with a sale price per square foot at $80, indicating a possible market undervaluation or a surge in buyer interest driving sales higher than the average value.

Theodore, similar to Semmes, shows a competitive real estate market with an average value of $247,250 and a robust $144 per square foot. The number of properties available is 32, and the average sale price observed is $199,411, paired with a sale price per square foot of $122. This seems to reflect a balance where sales prices closely track the theoretical property values.

Irvington stands as the high-end outlier with a far greater average value of $372,000 and the highest value per square foot at $146. Even with a limited inventory of 12 properties, this does not hinder the attractive average sale price of $214,417 at $118 per square foot, outlining a possibly luxurious or in-demand niche market in the Mobile area.

Lastly, Wilmer, hosting a small number of properties at 5, upholds an average value of $300,000 and $113 per square foot, leaning towards the higher end of the spectrum. Its average sale price is observed at $209,423, with a sale price per square foot at $118, signaling a strong market presence even with a lower volume of sales.

These specific snapshots reveal a diverse and nuanced real estate market in Mobile, Alabama, and its neighboring communities. Urban dynamics, economic factors, and the inherent value of area-specific real estate qualities all contribute to the market’s complexion as of March 2024.

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