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.
Housing Market Overview
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $123,972 | $158,589 | $242,182 |
| Price Trend (Annual %) | 12.6% | 7.1% | 8.2% |
| Median Gross Rent | $1,254 | $962 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prattville is about 22% lower than in Alabama. Rent is about 30% higher 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 Prattville, up about 12.6% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Prattville rose about 36.4% between 2015 and 2023, from $919 to $1,254. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Prattville.
Buying the median-priced home in Prattville costs roughly 8.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Prattville. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $123,972 | $158,589 | $242,182 |
| Median Household Income | $75,269 | $62,318 | $78,145 |
| Price-to-Income Ratio | 1.6 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prattville fell about 20.3%, while median household income rose about 45.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.2% | 59.5% | 58.2% |
| Rental Rate | 33.9% | 25.6% | 31.3% |
| Vacancy Rate | 5.9% | 15.0% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Prattville has a homeownership rate of 60.2%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 5.9%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Prattville | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1990 | 1985 | 1978 |
| Median Number of Rooms | 6.0 | 5.8 | 5.5 |
The typical housing unit in Prattville was built around 1990. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prattville, Alabama.
What is the median home price in Prattville, Alabama?
The median home price in Prattville, Alabama is $123,972, lower than the Alabama average of $158,589.
What is the average home price in Prattville, 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 Prattville, Alabama?
The median gross rent in Prattville, Alabama is $1,254 per month, higher than the Alabama average of $962.
What was the median gross rent in Prattville in 2020?
In 2020, the median gross rent in Prattville, Alabama was $1,077 per month.
What is the price-to-rent ratio in Prattville, Alabama?
The price-to-rent ratio in Prattville, Alabama is about 8.2, meaning it would take roughly 8.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Prattville.
Are home prices or rent rising faster in Prattville, Alabama?
Both home prices and rent are rising in Prattville, up about 12.6% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prattville, Alabama?
60.2% of households in Prattville, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Prattville, Alabama?
The housing vacancy rate in Prattville, Alabama is 5.9%, lower than the Alabama average of 15.0%.