BIRMINGHAM, Alabama (WIAT) – The pandemic and changes in real estate trends have caused house prices to rise in all areas, and Alabama is no exception.
According to Move.org, a site that offers information on the housing industry and the moving process, some states have seen an increase of up to 27% in the average price of a single-family home between May 2020 and 2021.
In 2020, the average cost for such a home in the United States was $ 267,726, but 2021 saw a 12.4% jump to an average price of $ 301,855. The increase, of approximately $ 34,000, is half of what is considered a median salary.
Alabama’s increase, although slightly lower than the national average, also reached double-digit numbers. The jump from $ 151,295 to $ 167,810 was just under 11%.
Of the 50 states and DC, Alabama’s increase is relatively average, ranking 31st. The highest occurred in Idaho at 27.8%, and Alaska only saw an increase of 3.2%, placing it last.
Zillow predicts that 2022 will see a similar increase in house prices and forecasts an average increase of 11.7%.
To learn more about the methods of Move.org, click here.
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