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 | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,208 | $158,589 | $242,182 |
| Price Trend (Annual %) | 1.3% | 7.1% | 8.2% |
| Median Gross Rent | $1,347 | $962 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Shelby County is about 42% higher than in Alabama. Rent is about 40% 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 Shelby County, up about 1.3% and 5.1% a year respectively. Rent is changing faster.
Median rent in Shelby County rose about 42.8% between 2015 and 2023, from $943 to $1,347. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Shelby County.
Buying the median-priced home in Shelby County costs roughly 13.9 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 Shelby County. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,208 | $158,589 | $242,182 |
| Median Household Income | $94,615 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Shelby County rose about 14.3%, while median household income rose about 40.1% 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 | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.4% | 59.5% | 58.2% |
| Rental Rate | 17.6% | 25.6% | 31.3% |
| Vacancy Rate | 5.9% | 15.0% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Shelby County has a homeownership rate of 76.4%, higher than the Alabama average of 59.5%. Its housing vacancy rate is 5.9%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Shelby County | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1995 | 1985 | 1978 |
| Median Number of Rooms | 6.5 | 5.8 | 5.5 |
The typical housing unit in Shelby County was built around 1995. On average, 2.6 people live in a home with about 6.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Shelby County, Alabama.
What is the median home price in Shelby County, Alabama?
The median home price in Shelby County, Alabama is $225,208, higher than the Alabama average of $158,589.
What is the average home price in Shelby 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 Shelby County, Alabama?
The median gross rent in Shelby County, Alabama is $1,347 per month, higher than the Alabama average of $962.
What was the median gross rent in Shelby County in 2020?
In 2020, the median gross rent in Shelby County, Alabama was $1,078 per month.
What is the price-to-rent ratio in Shelby County, Alabama?
The price-to-rent ratio in Shelby County, Alabama is about 13.9, meaning it would take roughly 13.9 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 Shelby County.
Are home prices or rent rising faster in Shelby County, Alabama?
Both home prices and rent are rising in Shelby County, up about 1.3% and 5.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Shelby County, Alabama?
76.4% of households in Shelby County, Alabama own their home, higher than the Alabama average of 59.5%.
What is the vacancy rate in Shelby County, Alabama?
The housing vacancy rate in Shelby County, Alabama is 5.9%, lower than the Alabama average of 15.0%.