The Alabama Center For Real Estate has released their report on the Birmingham real estate market with statistics through October 2024. We cover the highlights below!
The total number of houses sold was up 7% versus the same month last year, though this is down 12% from the average of the past 5 years.
The median (middle) sales price was $290,000, down about 3% versus last year, but still up 10% over the average for the past 5 years. Despite the rise in interest rates, sales prices have held steady.
The average sales price was $346,000, up 3% from last year and up about 13% over the average for the prior 5 years.
The average days on market – or days it takes to get a house under contract after listing on the market – was 35 days, which was up from last year’s 28 days. Historically, the days on market is still rather low.
Total inventory, or the total number of houses on the market, was up 14% from last year, and up 14% over the average of the last 5 years. It is still way down from it’s peak in 2015 (38%).
At the current pace of sales, there is a 4.0 month supply of houses on the market, which is down from 4.1 months last year, and up from 3.2 months average over the prior 5 years.
To summarize, the market is definitely slowing down and is relatively stable, yet prices have yet to adjust.
If you have a house lingering on the market, or you just don’t want to bother with the process of selling on the market at all, call us at 205-390-1050 or tell us about your property via our simple form at www.CahabaHomeBuyers.com. We buy houses in the Birmingham area and would love to see if we can help!