The Phenix City, Alabama area has seen steady growth in home values over the past few years. This growth can be attributed to several factors, including a strong job market, affordable housing, and a growing population. In this article, we will take a closer look at the current state of home values in the Phenix City area.
According to Zillow, the median home value in Phenix City is $136,900, which is a 9.2% increase from the previous year. This growth rate is higher than the national average, which is around 7%. The average price per square foot is $87, which is slightly lower than the Columbus, Georgia metro area average of $92.
The housing market in Phenix City is considered to be a seller’s market, which means that there are more buyers than there are available homes for sale. This trend is driving up home prices and making it a great time for homeowners looking to sell their homes. The average days on the market for a home in Phenix City is 42 days, which is lower than the national average of 60 days.
The most popular types of homes in Phenix City are single-family homes, which make up around 70% of the housing market. The remaining 30% is made up of apartments, townhomes, and condominiums. The majority of the homes in Phenix City were built between 1970 and 1999, with some newer construction in recent years.
The neighborhoods with the highest home values in Phenix City are located in the northern part of the city, near the Chattahoochee River. These neighborhoods include Riverchase, which has a median home value of $224,000, and Lakewood, which has a median home value of $206,000. Other popular neighborhoods in Phenix City include Idle Hour, which has a median home value of $144,000, and Meadowood, which has a median home value of $133,000.
The job market in Phenix City is strong, with a low unemployment rate of around 3.5%. The largest employers in the area include the Fort Moore military base, Piedmont Columbus Regional System, and the Phenix City Board of Education. This strong job market is attracting new residents to the area, which is driving up demand for housing and contributing to the growth in home values.
In conclusion, the Phenix City, Alabama area is experiencing steady growth in home values. The strong job market, affordable housing, and growing population are all contributing to this growth. The housing market in Phenix City is currently a seller’s market, making it a great time for homeowners looking to sell their homes. With its desirable location and strong job market, the Phenix City area is a great place to invest in real estate.