The Preserve- Hoover, AL Real Estate Market Update

The Preserve Housing Update: 2021

I recently completed a home appraisal in The Preserve neighborhood in Hoover, AL, and I thought I would share with you some housing stats. The Preserve is located next to Moss Rock Preserve which is a 350-acre nature preserve with large rock formations, streams, waterfalls, and other unique features.

Hoover is one of the fastest-growing cities in the state of Alabama with the average home price so far in 2021 at around $460,000. This is an increase of approximately 13% since 2020.

Home prices within The Preserve are some of the highest in the Hoover area. The planned community has strict architectural guidelines which have contributed to the elevated home values and popularity of the area.

The chart below compares average home prices in The Preserve to the city of Hoover.

In addition to the residential areas, The Preserve has a commercial section as well. This consists of both retail and restaurant spaces that serve the neighborhood.

The Preserve by the Numbers

Here are some interesting stats to share about The Preserve that I discovered while doing my research for this assignment.

Active Listings Within The Preserve

At the time of this writing, there were 24 homes listed for sale within The Preserve ranging in price from $406,900 to $1,449,000. A large percentage of these are new construction.

Number of Homes Sold

So far in 2021, there have been 39 homes that have sold in The Preserve, which is a 29% decrease from last year. This could be a result of the neighborhood being built out with less land available for development.

Key Points:

• While The Preserve has seen a 13% increase in average sale price over the past 12 months this may not be true for all neighborhoods.
• Price per square foot trends can give us an indication of increases in the market, however, it should not be used as the sole method of estimating home values.
• While not always popular, neighborhood building codes and guidelines can help to elevate and sustain property values. As noted previously, The Preserve has strict architectural guidelines and neighborhood restrictions.

Questions?

Do you have any appraisal-related questions that I can answer? If so leave a comment below and I will do my best to get back to you as soon as possible.

This is my last post of 2021 and I would like to thank you for reading my blog this year! I appreciate each and every one of you as well as those that contribute by leaving comments. I wish everyone a Merry Christmas and a Happy New Year.

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