The Mobile, Alabama housing market is competitive and relatively affordable. As of October 2023, the median sale price for homes in Mobile stands at $160,000 (source: Redfin), reflecting a 15.8% decrease compared to the previous year. This decrease is noteworthy and brings the median sale price per square foot to $121, representing an 11.0% increase since the same period last year.
Redfin considers it to be very competitive market, with homes selling in just 18 days on average. Many homes receive multiple offers, some with waived contingencies. The average selling price is approximately 4% below the list price, and hot homes can sell for about 2% above the list price, going pending in around 6 days.
The sale-to-list price ratio for all home types in Mobile is 96.1%, indicating a market where homes are generally selling close to their list prices. This ratio is a key metric for understanding the negotiation dynamics between buyers and sellers in the current market.
There are a number of factors driving the strong housing market in Mobile, including:
- A growing economy: Mobile’s economy is growing, with new jobs and businesses coming to the area. This is leading to increased demand for housing.
- A low cost of living: Mobile has a relatively low cost of living, making it an attractive place to live and work.
- A variety of housing options: Mobile offers a variety of housing options, from affordable starter homes to luxury waterfront estates. This means that there is something for everyone in the Mobile housing market.
Overall, the Mobile, Alabama housing market is strong and expected to remain so in the near future. Buyers should be prepared to act quickly and make competitive offers in order to secure a home in this market.
Mobile, AL Housing Market Predictions 2023-2024
According to Zillow, as of November 30, 2023, Zillow’s mobile housing market data reveals a resilient landscape with an average home value of $182,146, marking a 3.0% increase over the past year. Notably, properties in Mobile are going pending in a swift 17 days, showcasing the active nature of the market.
The current inventory stands at 795 homes for sale, with 267 new listings indicating a dynamic market environment. The median sale price as of October 31, 2023, is $202,317, while the median list price as of November 30, 2023, is $233,082. The median sale-to-list ratio, a key metric reflecting market competitiveness, stands at a favorable 0.994. Additionally, the market has witnessed 35.4% of sales over list price and 48.6% of sales under list price as of October 31, 2023.
Mobile MSA Housing Market Forecast for 2023 and 2024
The Mobile Metropolitan Statistical Area (MSA) housing market forecast for the upcoming years presents nuanced insights. As of November 30, 2023, the forecast indicates a modest growth of 0.1%, projecting a slight uptick in the market. However, a marginal decline of -0.1% is expected by February 29, 2024, and a more conservative dip of -0.3% is forecasted by November 30, 2024. This forecast suggests a relatively stable market with minor fluctuations, providing valuable information for potential buyers and sellers in the Mobile MSA.
The Mobile Metropolitan Statistical Area, located in Alabama, encompasses a geographical region that includes Mobile and its surrounding counties. This MSA is a vital economic and housing hub, contributing significantly to the state’s real estate landscape. The housing market’s substantial size, as indicated by the numerous listings and active sales, reflects the area’s economic vibrancy and desirability for residents and investors alike.
Is Mobile a Buyer’s or Seller’s Housing Market?
With homes in Mobile going pending in just 17 days, a median sale-to-list ratio of 0.994, and a competitive environment with both sales over and under list price, the Mobile housing market leans towards a seller’s market. The quick turnaround for property sales and the high percentage of sales over list price indicate favorable conditions for sellers, emphasizing the competitive nature of the current market.
Are Home Prices Dropping?
As of Zillow’s latest data, there is no indication of home prices dropping in the Mobile housing market. The average home value has increased by 3.0% over the past year, reflecting a positive trend in property values. Additionally, the median sale price and median list price remain robust, suggesting stability in the market and negating concerns of a significant decline in home prices.
Will the Mobile Housing Market Crash?
Based on the available data and forecasts, there is currently no indication that the Mobile housing market is on a trajectory towards a crash. The modest fluctuations projected in the Mobile MSA forecast, coupled with the active and competitive market conditions, point to a resilient housing market. However, stakeholders should remain vigilant and monitor market dynamics, as external factors can influence the real estate landscape.

Is Mobile, AL a Good Place to Invest in Real Estate?
Mobile, Alabama is indeed a promising location for real estate investment. Several compelling factors make it an attractive choice for potential investors:
1. Affordability and Value Appreciation
Mobile boasts an affordable housing market, with the average home value at $182,146 (source: Zillow). The value appreciation, showing a 3% increase over the past year, signifies potential for solid returns on investment.
2. Strong Market Demand
The market in Mobile is driven by demand for housing due to a growing economy and an influx of new jobs and businesses. The city’s low cost of living further attracts individuals and families, fueling the demand for homes.
3. Diverse Housing Options
Mobile offers a wide range of housing options, catering to various demographics. From affordable starter homes to luxury waterfront estates, the market provides opportunities for diverse investments, appealing to a broader range of potential buyers or renters.
4. Strategic Location and Development Opportunities
Mobile’s strategic location as a port city and its proximity to the Gulf of Mexico make it a hub for trade and commerce. Additionally, ongoing infrastructural development projects enhance the overall appeal of the city, potentially boosting property values in the future.
5. Attractive Rental Market
The city’s growing population and economic activity create a robust rental market. Real estate investors can benefit from rental income, especially in areas popular with renters, such as the Midtown, Spring Hill, and West Mobile neighborhoods.
Considering these factors, Mobile, Alabama presents a promising landscape for real estate investment. However, it’s crucial to conduct thorough market research, consider your investment goals, and work with a qualified real estate agent to make informed decisions and maximize your investment potential.
References:
- https://www.zillow.com/mobile-al/home-values
- https://www.redfin.com/city/12836/AL/Mobile/housing-market
- https://www.realtor.com/realestateandhomes-search/Mobile_AL/overview
- https://www.neighborhoodscout.com/al/mobile/real-estate