Mobile Area Registered Home Price Increase in 3rd Quarter of 2023

MOBILE, Ala. — In the third quarter of 2023, the Mobile metro area’s median single-family existing home price climbed 9.6%, at $233,800, compared to $213,300 in the third quarter of 2022, according to the National Association of REALTORS®’ latest quarterly report.  

Despite the increase in the third quarter, the Mobile metro area’s median single-family existing home price is still cheaper than multiple metro areas in the surrounding area.

• Panama City: $366,600 (-0.2%)

• Huntsville, Ala.: $325,200 (-0.7)

• Pensacola-Ferry Pass-Brent, Fla.: $325,000 (-1.5%)

• Birmingham-Hoover, Ala.: $310,200 (+0.7%)

• New Orleans, La.: $281,500 (+0.9%)

• Decatur, Ala.: $263,100 (+9.4%)

“Since 2019, the median priced home has increased over $60,000, which is great for our area’s homeowners,” Mobile Area Association of REALTORS® President Charlie Plyler said. “Even with that increase in price and higher interest rates, Mobile continues to be the best value on the Gulf Coast to work and live, which is one of the reasons we have seen so much growth in our area.” 

Among the major U.S. regions, the South saw the largest share of single-family existing-home sales (46%) in the third quarter, with year-over-year price appreciation of 1.7%.

The top 10 metro areas with the largest year-over-year price increases all recorded gains of at least 12.6%, with six of those markets in the Midwest. Those include Fond du Lac, Wis. (18.9%); Hickory-Lenoir-Morganton, N.C. (17.1%); Oshkosh-Neenah, Wis. (15.2%); Green Bay, Wis. (14.8%); Reading, Pa. (14.7%); Newark, N.J.-Pa. (14.3%); Dayton, Ohio (13.7%); Fort Wayne, Ind. (12.9%); Farmington, N.M. (12.7%); and Kankakee, Ill. (12.6%).

“Following the big price changes during the last several years, it’s natural to witness momentary swings in prices,” NAR Chief Economist Lawrence Yun said. “Some markets that experienced sizable home price gains since 2020 have turned lower, resulting in temporary relief for prospective home buyers. Also, a few markets in the West that experienced price declines in the prior quarter have seen prices rise again.”