Home prices have increased across the nation; where does Alabama land?

Alabama News

A “Sale Pending” sign stands along side a new driveway in Madison County, Miss., Tuesday, March 16, 2021. U.S. home prices increased at the fastest pace in seven years in January as the pandemic has fueled demand for single-family houses even as the supply for such homes shrinks. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, March 20, rose 11.1% in January from a year earlier. (AP Photo/Rogelio V. Solis)

BIRMINGHAM, Ala. (WIAT) — The pandemic and shifts in real-estate trends have caused increases in housing prices across the board, and Alabama is no exception.

According to Move.org, a site that offers insights into the housing industry and moving process, some states saw an increase as high as 27 percent in the average price of a single family home between May of 2020 and 2021.

In 2020, the average cost of such a home in the U.S. was $267,726, but 2021 saw a jump of 12.4 percent to an average price of $301,855. The increase, about $34,000, is half of what’s considered a median salary.

Alabama’s increase, while slightly below the national average, reached double-digits as well. The jump from $151,295 to $167,810 was just below 11 percent.

Out of the 50 states and D.C., Alabama’s increase is relatively average, ranking at number 31. The highest occurred in Idaho at 27.8 percent, and Alaska saw an increase of only 3.2 percent, putting it last.

Zillow predicts that 2022 will see a similar increase in home prices and forecasts an average increase of 11.7 percent.

To read more about Move.org’s methods, click here.

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