Bay Minette's real estate market is experiencing a price correction, with values down 31.7% from last year. Home prices have decreased 36.1% in the past month. With 5.6 months of supply, Bay Minette's inventory levels remain relatively tight. Homes are taking about 59 days to sell, which is -7 days longer than this time last year. A significant 53.6% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 20.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Bay Minette market with the affordability index at 176.7. Based on current market indicators, home prices in Bay Minette are projected to increase by approximately 7.7% over the next month.
Bay Minette, AL has a total population of 9,580 residents. The area is predominantly White (54.7%), African American residents comprise 38.2% of the community. This creates a relatively diverse demographic makeup for the area. The small population size creates an intimate community atmosphere in Bay Minette, AL.
Crime analysis for Bay Minette, AL shows 174 total incidents across all categories. The most prevalent crime type is Assault (51.1% of all incidents). This is followed by Property Crime at 46.6%. The crime rate in Bay Minette, AL is relatively low, with violent crimes being more common than property crimes. This suggests Bay Minette, AL is generally a safe area for residents and visitors.
Market predictions for Bay Minette, AL show an upward trend in home prices, with values increasing by 3.5%. This suggests a gradual price adjustment in the market. The current median home price in Bay Minette, AL is approximately $186,678.984. The stable price trend suggests a balanced market in Bay Minette, AL, suitable for both buyers and sellers.
Bay Minette, AL features 1 investment hotspots with varying levels of activity. The low average nightly rate of $95 indicates a budget-friendly market. Guest satisfaction is good with an average rating of 4.5/5. With an average hotspot score of 0.70, these areas show good investment opportunities. With only 3 hotels, this represents an emerging market with potential for growth.
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