The Alabama Center for Real Estate has released their monthly report on the Birmingham real estate market for August 2024. We cover the highlights here!
Total sales (the number of houses sold), was up 4% versus August of last year, though this is over 20% down from the prior 5-year average (this is a reflection of the limited inventory that has characterized the market as of late).
The average sales price rose almost 5% versus last year, to $355,000, while the median sales price increased almost 1.5% to $299,000. With the average increasing at a greater rate than the median, this indicates relative strength in the upper end of the price spectrum. The upward trend since around 2016 seems to be continuing.
Days on market — the number of days it takes to get a house under contract — was up 33% versus last year. It currently stands at 36 days. This is a huge increase versus 2021, but during that timeframe inventory was really exceptionally low.
The total inventory (houses available for sale) was up 25% versus last year, and is now about on par with where it stood in 2020. At the current pace of sales, there is currently a 3.9 month supply of houses on the market (an increase of over 20% versus last year).
If you have a house you need to sell, and do not want to deal with the hassles of selling on the market (inspections, realtors, fees, closing costs, repairs, etc), call us today at 205-390-1050 or fill out our simple form at www.CahabaHomeBuyers.com. We buy houses throughout the Birmingham area, in any condition or situation! If you want to sell your house fast, we are interested in hearing from you!