Elba's real estate market is experiencing a price correction, with values down 18.1% from last year. Home prices have decreased 52.3% in the past month. At the current sales pace, it would take over 10.0 months to sell all available homes in Elba, indicating an oversupplied market. Homes are now taking an average of 237 days to sell, significantly longer than the 135 days typical for this market. A significant 50.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. The majority of homes (100.0%) sold above asking price, a clear sign of competitive bidding. Affordability remains a significant challenge in the Elba market with the affordability index at 140.1. Current trends suggest further price adjustments may occur as the market continues to favor buyers.
Elba, AL has a total population of 3,786 residents. The area is predominantly White (61.7%), African American residents comprise 37.6% of the community. The area shows moderate demographic diversity. The small population size creates an intimate community atmosphere in Elba, AL.
Crime analysis for Elba, AL shows 52 total incidents across all categories. The most prevalent crime type is Assault (55.8% of all incidents). This is followed by Property Crime at 36.5%. The crime rate in Elba, AL is very low, with violent crimes being more common than property crimes. This suggests Elba, AL is generally a safe area for residents and visitors.
Market predictions for Elba, AL show an upward trend in home prices, with values increasing by 5.7%. This indicates a moderate but notable price trend. The current median home price in Elba, AL is approximately $79,954.797. Based on current trends, home prices in Elba, AL are expected to continue appreciating, making it an attractive market for sellers and long-term investors.
Investment hotspot data for Elba, AL is currently unavailable.
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