Metropolitan Statistical Area (MSA):
Birmingham-Hoover, AL is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the real estate market in the Birmingham-Hoover, AL metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After hitting an all-time high in 2006, home prices in the area plummeted during the housing crisis and have only recently begun to rebound. Despite this volatility, there are some trends that can be observed in the current market that may give insight into where it is headed in the future.
One of the most notable trends is the increasing popularity of suburban areas outside of Birmingham proper. This is likely due to a combination of factors, including higher crime rates and poor schools in urban areas, as well as a desire for more space and a slower pace of life. The result is that many families are now looking to buy homes in suburbs like Hoover, Vestavia Hills, and Homewood instead of downtown Birmingham.
Another trend that is becoming more prevalent is “flipping” houses – buying a property at a low price and then quickly selling it for a profit after making renovations or other improvements. This has become especially popular among investors from out of state who are looking to take advantage of Alabama’s relatively low property prices. While flipping can be risky, it can also be quite profitable if done correctly.
Finally, it is worth noting that there has been an increase in demand for rental properties in recent years. This is likely due to the fact that many people are still hesitant to commit to buying a home after witnessing the housing market crash firsthand. As such, investing in rental properties – either as an owner-occupant or as an investor – may be a wise decision at this time.
Overall, the real estate market in Birmingham-Hoover remains fairly volatile but there are definitely opportunities for those who are willing to take on some risk. Suburban areas are becoming increasingly popular among families while investors from out of state are finding good deals on properties to flip. And although buying a home may not be right for everyone at this time, renting remains a viable option for many people