The Real Estate Market in Mobile, Alabama
With so many industries growing these days and the old ones expanding its branches, Mobile real estate in Alabama has become one of the most hunted for places. Both in corporate real estate and residential real estate, the city is becoming an attraction to the potential buyers. In 2007 CNN.com ranked Mobile as the Seventh Fastest-Growing Housing Marketing in the Country. In the last five years, the cost of homes in the bay area of Mobile has grown somewhat between 5% and 8% every year. The average growth was 6.6% in the last three years. But after the hurricane Katrina, the appreciation rate was a bit different in those places.
Different studies have shown that Mobile real estate has all the potential to be an ever-growing real estate market in the near future. Some of the world’s best companies have been showing interest in investing in the Mobile areas. With all these set ups, the city will enjoy a much better exposure in the employment arena. The more industries will grow, the more will be demands for residential as well as corporate real estate.
In the first half of running year, Mobile had a 1.63% increase in home values. The prices of Mobile real estate here is up by 6.7% over the last year. With the increasing rate in the property, the city has become one of top 10 metropolitan areas in the nation in terms of price appreciation, as per the records of Office of Federal Housing Enterprise Oversight (OFHEO). In this year also, the city is experiencing a consistent flow of growing market in the real estate arena. The average days-on-market (DOM) for existing homes sales in was 82 days in April this year which is a 17% increase over the same month last year.
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