|
Getting your Trinity Audio player ready...
|
According to the September 2024 Alabama Economic and Real Estate Report released on Monday by the Alabama Association of REALTORS®, the state’s housing market cooled in September, but increases in key areas create opportunity for potential homebuyers.
Alabama recorded 5,340 home sales in September, a decrease of 10.6 percent over last month and 8.2 percent from last year, marking two consecutive months of decline.
“Historically, home sales in Alabama have fallen during the final months of the last three years,” said Evan Moore, Economist at Alabama REALTORS®. “While home sales are likely to decline through the remainder of the year, evidence suggests the state’s housing market is and will remain healthy.”
The median sales price increased 3.7 percent year-over-year to $224,812 in September. However, this is a 4.6 percent decrease compared to last month, marking the first drop from the recent highs seen this summer.
For the eighth consecutive month, active listings continued to rise in Alabama, reaching 18,819 listings. This figure is a 3.8 percent monthly increase and a significant 38.3 percent annual increase, offering the highest number of listings in five years.
Supply increased in September, with 4.6 months of inventory available, up from the 4.1 months available in August 2024. This is also 1.3 months more than a year ago and the highest level in over five years.
Alabama appears to be moving toward 5 to 6 months of supply, which is historically considered evidence of a healthy market.
“We believe the current trends of rising listings and increased inventory will create more opportunities for buyers,” said Jeremy Walker, CEO of Alabama REALTORS®. “As more homes become available, we may see prices ease in the coming months.”
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.
