There is no doubt that the second half of 2023 saw real estate transaction volumes decline on both national and local levels. While the interval from the time the sign goes in the yard to the time the closing papers are signed has gotten longer, pricing has remained strong. 2024 is seeing better rates and February activity from both buyers and sellers is stronger than I’ve seen in 18 months. Compared to late last year, more homes are coming to market and there are more active buyers at all price points. The most active part of the market seems to be retirees and grandparents who want to be near family and who are “right sizing” to get away from big house responsibilities. This part of the market has more equity and all cash purchases are more common, so they make for great buyers. For non-cash buyers, credit is still flowing well, as lenders have gotten more creative as they are hungry for new loans.
Here are a number of interesting items evolving in Hoover:
The well-known Brock’s Gap Training Center (aka – the gun range) is under contract and will be relocated out of Hoover by the end of 2024. The land will likely become a residential development. This is welcome news to the residents of Trace Crossings, Creekside, Lake Wilborn, Blackridge, and Bradbury.
The pipeline of several types of new housing in Hoover has grown. There are many lots and houses under construction in Bradbury, Lake Wilborn, and Everlee. There are also many townhouses coming online in Everlee and they are selling well. Bluff Park is continuing to see major renovations and substantial demand at all price points. The new UAB West in McCalla is near completion and will likely drive some demand in Hoover.
Bradbury Greenspace
Arise at Knox Square, a 55+ adult apartment home community is under construction and pre-leasing. Land clearing for a large apartment complex is almost near completion at the corner of Interstate 459 and Highway 150 off exit 10. The land is in Jefferson County, but not in Hoover City Schools zoning. A 90-acre, mixed use development has been approved for Riverchase. There will be offices, healthcare facilities, and housing. Design work is still underway for the new Interstate 459 exit west of exit 10 that will cross South Shades Crest and allow quicker access to Everlee and Ross Bridge. A new road is being cut from Morgan Road in Helena to Hoover. This road will be behind Blackridge and Bradbury so residents are concerned about the specifics – stay tuned!
Bradbury – New Morgan Road Proximity
As you can see, there is a significant amount of development continuing in Hoover. I anticipate 2024 will be a stronger year in real estate than 2023. No doubt, it is off to a very fast start.