Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cherokee County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,808 | $158,589 | $242,182 |
| Price Trend (Annual %) | 5.7% | 7.1% | 8.2% |
| Median Gross Rent | $750 | $962 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cherokee County is about 8% higher than in Alabama. Rent is about 22% lower than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cherokee County, up about 5.7% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Cherokee County rose about 20.9% between 2015 and 2023, from $621 to $750. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Cherokee County.
Buying the median-priced home in Cherokee County costs roughly 19.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cherokee County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Cherokee County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $171,808 | $158,589 | $242,182 |
| Median Household Income | $50,782 | $62,318 | $78,145 |
| Price-to-Income Ratio | 3.4 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cherokee County rose about 27.1%, while median household income rose about 26.1% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cherokee County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.8% | 59.5% | 58.2% |
| Rental Rate | 14.7% | 25.6% | 31.3% |
| Vacancy Rate | 28.5% | 15.0% | 10.6% |
| Median Tenure (years) | 19.0 | 16.0 | 15.0 |
| Median Year Moved In | 2007 | 2010 | 2011 |
Cherokee County has a homeownership rate of 56.8%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 28.5%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Cherokee County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.8 | 5.5 |
The typical housing unit in Cherokee County was built around 1985. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cherokee County, Alabama.
What is the median home price in Cherokee County, Alabama?
The median home price in Cherokee County, Alabama is $171,808, higher than the Alabama average of $158,589.
What is the average home price in Cherokee County, Alabama?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cherokee County, Alabama?
The median gross rent in Cherokee County, Alabama is $750 per month, lower than the Alabama average of $962.
What was the median gross rent in Cherokee County in 2020?
In 2020, the median gross rent in Cherokee County, Alabama was $625 per month.
What is the price-to-rent ratio in Cherokee County, Alabama?
The price-to-rent ratio in Cherokee County, Alabama is about 19.1, meaning it would take roughly 19.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cherokee County.
Are home prices or rent rising faster in Cherokee County, Alabama?
Both home prices and rent are rising in Cherokee County, up about 5.7% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cherokee County, Alabama?
56.8% of households in Cherokee County, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Cherokee County, Alabama?
The housing vacancy rate in Cherokee County, Alabama is 28.5%, higher than the Alabama average of 15.0%.