How do you decide which are the best areas to buy in Birmingham? This would seem easy and of course there are a number of criteria for buyers such as quality / location of schools. Given that a home is normally the single biggest investment for a family, the best areas to buy would be where you expect to accumulate the most equity the fastest.
Everyone has heard about real estate values falling on the national level. And most of us have heard that the Birmingham real estate market has experienced less of a downturn and that the recovery locally will be faster and more robust than nationally. What you may not have heard is how values in specific areas within Birmingham have held up over the past 12 months in comparison to the past three years to determine the best arreas to buy. Knowing which areas have performed the best most recently can give buyers and sellers valuable insight in the decision-making process in a number of ways. Especially for buyers, knowing which areas have held their value the best and where demand is strongest can help in deciding the best areas to buy in Birmingham to improve the chances for quicker equity accumulation. To search for any listed property in Grreater Birmingham, go to birmingham mls.
This analysis takes into consideration total sales (in units), average sales prices and median sales prices over the past 12 months in comparison to the prior 36 months to come up with the best areas to buy. This approach is not necessarily scientific or absolute but is based on historical data. My argument is that the downturn began approximately 36 months ago so looking at the past 12 months by comparison gives a snapshot at which areas are more robust. Areas where total sales, average and median sales prices have held up the best over this time frame would suggest future strength in values going forward and therefore the best areas to buy.
Using my approach as described suggests the best areas to buy in Birmingham with minimums of 100 units and 500 units over the past 36 months respectively. As shown in the tables below, Talladega County is strong under both scenarios with Helena / Pelham and Mountainbrook showing strength as well.
Top 10 Best Areas to Buy in Birmingham
Composite Score: Units, Sales Price, Median Price
Past 12 mos. vs. Past 36 mos. (min. 100 units)
Top 10 Best Areas to Buy in Birmingham
Composite Score: Units, Sales Price, Median Price
Past 12 mos. vs. Past 36 mos. (min. 500 units)
Of course there are many considerations besides macro-level value analyses that help determine the best areas to buy in Birmingham. Making a home purchase decision necessarily involves many other considerations such as school quality, proximity to work, shopping, etc.... All of these considerations, however, drive value so, again, looking at this mathematically is the purest way to come to a conclusion on future values. Gain valuable insight and statistical information for any community you may be considering at birmingham community information. Or, if you want specific property information about recent sales or current listings for a specific area you are interested in (or possibly your own neighborhood if you are thinking about listing) go to free market report and sign up for a free Market Snapshot emailed to you monthly.
Buyers and sellers need all of the information possible in this market to help them find the best areas to buy given their needs. Assessing values independently can help grow equity more quickly in your largest financial asset.
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