Alaska Real Estate Market Trends & Analysis
The Alaska real estate market hasn’t been able to follow the same trajectory as the rest of the Continental United States. Whereas the majority of the country has seen approximately seven consecutive years of improvement since the depths of the Great Recession, Alaska’s economy experienced an additional setback. Due largely, in part, to statewide job losses (particularly in the oil industry), Alaska’s economy entered into a subsequent recession at a time when the rest of the country was prospering.
As a result, the state experienced net migration losses for the better part of the last decade. Consequently, real estate in Alaska has lagged behind the national average for several years. Despite recent obstacles, however, Alaska appears to be recovering, and the real estate market is no exception. Income growth has resumed and the housing market is starting to heat up. Now, the real estate market in Alaska is starting to look like the national market in 2012, when prices began their historic run.
As a result, the state experienced net migration losses for the better part of the last decade. Consequently, real estate in Alaska has lagged behind the national average for several years. Despite recent obstacles, however, Alaska appears to be recovering, and the real estate market is no exception. Income growth has resumed and the housing market is starting to heat up. Now, the real estate market in Alaska is starting to look like the national market in 2012, when prices began their historic run.
Alaska Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Title Companies, Lenders, Private Escrow Companies |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Non-Judicial |
| Process Period: | 3 - 4 months |
| Notice of Sale: | Trustee |
| Redemption Period: | None |
Taxes
| Income Tax: | None |
| Corporate Tax: | 0 - 9.4% |
| Sales Tax: | None |
| Estate Tax: | No |
| Inheritance Tax: | No |
| Median Property Tax: | 1.04% |
| Property Taxes by County: | http://www.tax-rates.org/alaska/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,897 |
| Transfer Fee: | No Fees |
| Origination Fee: | $2,195.00 |
Overview
- Median Home Value: $315,900
- 1-Year Appreciation Rate: +2.3%
- Median Rent Price: $1,650
- Price-To-Rent Ratio: 15.95
- Average Days On Market: 70
- Unemployment Rate: 6.3% (latest estimate by the Bureau Of Labor Statistics)
- Population: 737,438 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $76,114 (latest estimate by the U.S. Census Bureau)