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Alabama’s housing market has steadily improved in recent months, creating the most favorable conditions buyers have seen statewide in the past few years according to the April 2024 Alabama Economic and Real Estate Report released by the Alabama Association of REALTORS® on Tuesday.
“As the weather has warmed up, so has Alabama’s housing market,” said Senia Johnson, 2024 President of Alabama REALTORS®. “For Alabamians pursuing homeownership, now is the time to get off the sidelines and contact a local REALTOR®.”
For the third consecutive month, home sales and active residential listings increased across Alabama, while foreclosures decreased by 4.0 percent.
The 5,164 home sales recorded in April represent a 3.8 percent month-over-month increase, contributing to the roughly $100 million rise in sales volume compared to March 2024. Alabama’s sales volume has been on the rise for the past two months.
Active residential listings continued to climb in April, marking a 37.2 percent annual increase and a monthly growth of 485 listings. The 15,072 active listings currently on the market is the highest number recorded since June 2020.
Additionally, the median sales price declined by 4.3 percent year-over-year and 2.2 percent month-over-month, reaching its lowest level since March 2021. This new low suggests improved affordability for buyers.
Federal Reserve leaders continue to indicate that the federal funds rate target will remain unchanged for the next few months, reducing the likelihood of a rate cut in 2024.
“While it appears that lending rates will remain elevated, buyers have more affordable options in today’s housing market,” said Jeremy Walker, CEO of Alabama REALTORS®. “April has been the state’s most encouraging month this year, and indicators point to further improvements throughout the summer.”
The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of REALTORS®. Click here to view the full monthly and annual reports.
