We’ve seen an upsurge in Birmingham real estate over the past few years, particularly in 2013, marked by more interest in single-family homes for purchase and for rental. It’s no coincidence; more people are seeking out real estate in the Birmingham metro because it represents a bright spot when it comes to Southern real estate – and CNNMoney agrees. This week, CNNMoney listed the top 10 hottest housing markets in the U.S. as determined by the projected increase in home value through 2014. The Magic City itself came in at number eight, alongside hot markets like New Orleans, Richmond, VA, and Tampa and ahead of Memphis and the Big Apple itself, New York City.
Here’s what the article had to say about Birmingham:
“Median home price: $174,000
Forecast gain through Sept. 2014: 7.8%
After years of investing in revitalization efforts — turning old warehouses into offices, opening new parks, building a minor league baseball stadium — Birmingham is finally seeing the big payoff.
People are no longer fleeing from the inner city, new businesses are moving in and home prices are actually on the rise.
In the 12 months ended September, home prices climbed 6%, bringing the median home price in the metro area to $174,000. And CoreLogic expects above-average returns again this year, forecasting a 7.8% increase in the 12 months ending in September.”
We have to agree – particularly with the notion that Birmingham is seeing a resurgence in popularity and demand. People have wanted to live in the suburbs and Over the Mountain communities for a while now, but now the suburbs and the city itself are all benefiting from increased demand that has led to higher prices for all.
Check out our prognostication about Birmingham real estate and property rental in 2014 and see how it matches up with what the folks at CNNMoney project.