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Robertsdale, Alabama: Home Values Double Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Robertsdale, a city in Alabama, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Robertsdale, providing insights into the city's real estate landscape. Homeownership rates in Robertsdale have fluctuated over the years, with a general trend towards increased owner-occupancy. In 2013, the homeownership rate stood at 71%, and by 2022, it had risen to 75%. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price in Robertsdale was $114,343, which steadily increased to $253,010 by 2022, representing a remarkable 121% increase over nine years.
The relationship between federal interest rates and homeownership rates in Robertsdale shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, fluctuating between 68% and 73%. However, as interest rates began to rise in 2022 to 1.68%, homeownership actually increased to 75%, suggesting that local factors may have played a more significant role in homeownership decisions than national interest rates during this period.
Renter percentages in Robertsdale have generally decreased as homeownership increased. In 2013, 29% of the population were renters, and this percentage remained relatively stable until 2021 when it dropped to 24%, before slightly increasing to 25% in 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $907, which peaked at $913 in 2014 before declining to a low of $725 in 2017. Since then, average rent prices have been on an upward trend, reaching $729 in 2022. This trend in rent prices doesn't directly correlate with the renter percentage, suggesting other factors such as housing supply and local economic conditions may be influencing rental markets.
Moving to more recent data, in 2023, the average home price in Robertsdale reached $267,247, and in 2024, it further increased to $275,001. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Robertsdale are likely to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also see moderate increases as housing costs overall continue to rise. However, the rate of increase for both home prices and rents may be tempered by economic factors and housing supply dynamics specific to Robertsdale and the broader region.
In summary, Robertsdale has seen a significant increase in homeownership rates and average home prices over the past decade, with a slight decrease in the renter population. The city's housing market has shown resilience and growth, with average home prices more than doubling since 2013. While rent prices have been more volatile, they have generally trended upward in recent years. The interplay between rising home values, changing interest rates, and shifting ownership patterns will likely continue to shape Robertsdale's housing landscape in the coming years.
