The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through August of 2022.
We cover the highlights here!
The total number of houses sold in Birmingham area residential sales for the current month totaled 1,516 units, a decrease of 14.1% from the previous year.
The median sales price in Birmingham this month was $289,950, representing a 10.7% increase from August’s 2021’s median sales price of $262,000. The average sales price in Birmingham during August was $354,400, a 12.2% increase from one year ago.
Days on market – the average days until a house goes under contract to sell – increased over 171.4% versus last year, to 19 days. This statistics has consistently declined every month for an incredibly long time. If your house is in great shape, shows well, and is priced correctly, this number indicates that it should sell quickly.
Total inventory (the number of houses available for sale) increased over 15.3% when compared to last year. Declining inventory has also been a long-standing trend that continues (inventory even declined versus last month). Based on the current pace of sales, there is a 2.3 months supply of houses on the market.If your house is priced well, shows well, and is in good shape, it should sell quickly!
If you need to sell a house quickly, or simply don’t want to fool with the hassles of dealing with listing a house on the market, call us at 205-390-1050 or fill out our simple form at www.CahabaHomebuyers.com. We Buy Houses in Birmingham and the surrounding neighborhoods. Call for a free consultation!