Loading Content...
Rising Home Values and Shifting Ownership in Evergreen, Alabama: A Decade of Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Evergreen, Alabama, is a small urban area with a rich history and evolving demographics. Located in the heart of Alabama, this city has experienced fluctuations in its homeownership rates and housing market over the past decade. The trends in ownership percentages, average home prices, and average rent prices reveal a dynamic real estate landscape that reflects both local and national economic factors.
The homeownership rate in Evergreen has remained relatively stable, hovering around 67% from 2013 to 2022. However, there have been slight fluctuations within this period. In 2013, the homeownership rate stood at 67%, dipping to 64% in 2014 before recovering to 68% in 2018. The most recent data from 2022 shows a slight decrease to 64%. Concurrently, average home prices have shown a general upward trend. In 2016, the average home price was $82,521, rising steadily to reach $106,587 by 2022, representing a significant 29% increase over six years.
The relationship between federal interest rates and homeownership rates in Evergreen appears to follow established patterns. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates maintained a relatively stable level. The slight variations in homeownership during this period may be attributed to other local economic factors. However, as interest rates began to rise more significantly in 2022 to 1.68%, we observe a corresponding decrease in homeownership to 64%, suggesting that higher borrowing costs may have impacted some residents' ability or willingness to purchase homes.
Renter percentages in Evergreen have mirrored the homeownership trends, fluctuating between 32% and 36% from 2013 to 2022. The average rent prices have shown some volatility during this period. In 2013, the average rent was $553, dropping to $484 in 2017, before rising again to $594 in 2022. This represents a 7.4% increase in average rent from 2013 to 2022, despite some intervening decreases. The population of Evergreen has decreased from 6,115 in 2013 to 5,095 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in Evergreen reached $111,673, marking a 4.8% increase from 2022. However, 2024 has seen a slight decrease to $107,592, a 3.7% drop from the previous year. This recent downturn coincides with a significant rise in federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on the housing market.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current patterns persist, average home prices in Evergreen may continue to experience moderate growth, albeit at a slower pace due to higher interest rates. We might expect average home prices to reach approximately $120,000 to $125,000 by 2029. Average rent prices could see a gradual increase, potentially reaching $650 to $700 per month by 2029, assuming steady economic conditions and population stability.
In summary, Evergreen's real estate market has shown resilience with relatively stable homeownership rates and steadily increasing average home prices over the past decade. The rental market has experienced some fluctuations but maintains a significant presence in the city's housing landscape. The recent rise in interest rates appears to be moderating home price growth and may continue to influence both the ownership and rental markets in the coming years. As Evergreen moves forward, these trends will likely shape its housing affordability and accessibility for residents.
