Fairbanks
Juneau
Wasilla
Sitka
Ketchikan
Closing Conducted by: | Title Companies, Lenders, Private Escrow Companies |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 3 - 4 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
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 |
Closing Cost: | $2,897 |
Transfer Fee: | No Fees |
Origination Fee: | $2,195.00 |
Median Home Value: $318,000
1-Year Appreciation Rate: +2.8%
Median Rent Price: $1,695
Price-To-Rent Ratio: 15.63
Average Days On Market: 75
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)
Matanuska-Susitna (1 in every 1,604)
Anchorage (1 in every 2,692)
Kodiak Island (1 in every 5,373)
Valdez-Cordova (1 in every 6,169)
Kenai Peninsula (1 in every 7,754)
Median home values will appreciate faster than the national average: Since the beginning of 2019, median home values in Alaska have outpaced the national average. Thanks to improving economic conditions, and what looks like might be the start of a new housing cycle, the entire state of Alaska should see an acceleration in home price appreciation. In fact, many are convinced Alaska closely resembles that national housing market in 2012, right before prices began seven consecutive years of appreciation.
Supply and demand will continue to shape the real estate landscape: Real estate in Alaska is currently in the middle of a unique predicament: More people are leaving the state as a result of the latest recession, but the strengthening economy has improved job growth. As a result, the Alaska real estate market has seen a drop in demand. However, as the economy grows, more people should return to the market and boost real estate activity. It’s only a matter of time until people realize Alaska has gotten its feet back under it and start to migrate back. Once that happens, the real estate market should take off.
Net migration will stabilize: As recently as 2018, Alaska real estate trends had been hampered by six consecutive years of net migration losses. More people have moved out of Alaska than people who have moved to Alaska. As a result, the housing industry hasn’t been able to realize its potential. That said, improving economic conditions should begin to stabilize migration patterns, stimulating housing activity across the state.