The Alabama Center For Real Estate has released their report on the Birmingham real estate market with statistics through September 2024. We cover the highlights here!
The total number of houses sold was just slightly down from September of last year, but is well below (-38%) the peak in 2020. The number of sales remains below where we were in the 2014-2017 period as well.
The median (middle) sales price was $300,000, up about 3% versus last year, and still up 13% over the average for the past 5 years. Despite the rise in interest rates, sales prices have held steady.
The average sales price was $360,000, also up 5% from last year and up about 16% 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 37 days, which was way up from last September’s 27 days, but still well below the peak of 81 days in September 2014. Even though DOM is rising, it is still historically low.
Total inventory, or the total number of houses on the market, was up 23% from last year, yet still down 37% from the peak in 2015. It is up about 18% over the average of the past five years.
At the current pace of sales, there is a 4.4 month supply of houses on the market, which is up from 3.6 months last year, and up from a 2.8 month average of the prior 5 years.
To summarize, the market is definitely slowing down, 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!