Overview of the Commercial and Residential
Real Estate Market in Alabama
Rich in Native American history and Southern culture, Alabama is home to 4,833,722 people, the Marshall Space Flight Center, the U.S. Army Aviation and Missile Command, and some of the most beautiful flora and fauna found anywhere in the country. It was Alabamians who built the first rocket that carried humans to the moon and Huntsville remains the rocket capital of the world. With a population of 186,254, Huntsville is home to Cummings Research Park, the second largest research park in the United States. More than 38 percent of Huntsville adults have a bachelor's degree or higher and the median home value for the area is $155,700. The median value for Alabama is $122,300. Birmingham is Alabama's largest city at 212,113, according to the U.S. Census. It has a median home value of $87,200 and approximately 29 percent of its residents are below the poverty line. The per capita income for Birmingham ($19,615) is 17 percent lower than the per capita average across the state ($23,587). Huntsville has a median household income of $48,632, based on a per capita income of $30,299. The homeownership rate in Huntsville is 60.7 percent, while the ownership rate across Alabama is slightly above 70 percent.
In addition to 14 public colleges, Alabama has 17 private institutions of higher learning. There are six major airports and five major interstates that connect the state with neighboring Georgia, Tennessee, Florida, and Mississippi. The Port of Mobile is one of the busiest in the country. It is the only saltwater port of Alabama's seven commercial ports. These factors make Alabama an attractive location to companies like Honda, Hyundai, Mercedes-Benz, Toyota and their many suppliers. These manufacturers and the supporting companies supply jobs to more than 100,000 people and rank Alabama 4th in the country for vehicle exports. The state continues to invest heavily in aerospace, technology, and manufacturing. More than 22 million tourists spend $8.3 billion each year in the state. Commercial property, retail space, and multifamily units are most in demand near Huntsville and Tuscaloosa.
Office Rental and Executive Suites in Birmingham, AL
How to Become a Realtor in Alabama
Headquartered in Montgomery, the Alabama Real Estate Commission (AREC) is in charge of all real estate licensees in the state. They require applicants be at least 19-years old and have verification of residency in the United States. Applicants also need a high school diploma or GED. Applicants cannot have a prior felony conviction of moral turpitude or have had a real estate license denied or revoked by any other state in the previous two years. After completing 60 clock-hours of an approved pre-license course, applicants must pass the state exam. To maintain an active license, agents must complete an additional 30-hours of post-license training within their first year. Agents licensed in a state that offers a reciprocal license with Alabama can apply by submitting an application and certificate of licensure from that state.