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According to the May 2024 Alabama Economic and Real Estate Report released on Thursday by the Alabama Association of REALTORS®, Alabama’s housing market continues to show improvement, marking its fourth consecutive month of significant increases and opening doors to unique opportunities for both buyers and sellers.
“Now is a great time for buyers and sellers to jump into the market,” said Senia Johnson, 2024 President of Alabama REALTORS®. “There is less competition and more options available for buyers, while both sales and sales prices are continuing to increase, which is welcome news for sellers.”
Home sales in Alabama increased for the fourth consecutive month, recording 5,209 sales. This increase is positive news for potential sellers looking to list their home on the market. Alternatively, home sales are still down 19.3 percent year-over-year, indicating less competition for buyers than in previous years.
May’s 15,776 active listings and 4.4 months of supply mark the highest levels available in years. Both areas have continued to increase throughout 2024, providing ample options for buyers.
Alabama’s median sales price reached its highest value in four months, increasing by 2.9 percent compared to April to $204,184. The average sales price also saw a monthly increase of $3,973 in May. However, both median and average sales prices remain down year-over-year, suggesting continued affordability for today’s buyers.
Average 30-year mortgage rates decreased by 19 basis points throughout May from 7.22 percent to 7.03 percent. Rates have continued to trend downward through the first two weeks of June to 6.95 percent.
“The recent reduction in interest rates has attracted more buyers into the market, and further reductions will likely attract even more,” said Jeremy Walker, CEO of Alabama REALTORS®. “Buyers who act now, while inventory is high, have a great opportunity to find the perfect home or property.”
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.
