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(Alabama)- As Alabama residents, many of us take pride in the growth and prosperity of our state’s thriving cities. However, a recent report from Nasdaq has shed light on a concerning trend that could impact housing affordability in some of Alabama’s most desirable locations.
Expensive Alabama Living
Located on the eastern shore of Mobile Bay, the city of Daphne is currently experiencing robust growth. In June 2023, the median home value in Daphne was $344,919, with a projected one-year growth rate of 8.5%. However, the report suggests that by 2024, the projected median home value could reach $374,237 – just $2,901 below the projected U.S. median of $371,336.
Looking further ahead, the forecast is even more concerning. By 2033, the report estimates that the median home value in Daphne could skyrocket to $779,857, pricing many residents out of the local housing market.