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 24,755 people, 8,844 houses or apartments, and a median cost of homes of $341,624, Pelham real estate is some of the most expensive in Alabama, although Pelham home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Pelham, accounting for 76.64% of the city's housing units. Other types of housing that are prevalent in Pelham include row houses and other attached homes ( 14.30%), mobile homes or trailers ( 4.40%), and a few large apartment complexes or high rise apartments ( 3.40%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pelham. Owner-occupied housing accounts for 84.03% of Pelham's homes, and 74.17% have either three or four bedrooms, which is average sized relative to America.
Pelham homes and real estate are some of the newest in America. 49.58% of Pelham's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Pelham real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 47.80%), and between 1940-1969 ( 2.21%).
Appreciation rates for homes in Pelham have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.52%, which ranks in the top 40% nationwide. This equates to an annual average Pelham house appreciation rate of 6.99%.
Appreciation rates are so strong in Pelham that despite a nationwide downturn in the housing market, Pelham real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pelham appreciation rates continue to be some of the highest in America, at 8.25%, which is higher than appreciation rates in 72.68% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pelham. Pelham appreciation rates in the latest quarter were at 2.58%, which equates to an annual appreciation rate of 10.72%.
Relative to Alabama, our data show that Pelham's latest annual appreciation rate is higher 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 Pelham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pelham - 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 Pelham real estate investment or home purchase decisions.
$341,624
for Alabama
for nation
8,844
$1,971 / per month