The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with statistics updated through February 2025. We cover the highlights here!
The total number of houses sold was down over 4% versus last year, and is way down from the peak in 2021 (about 25%).
The median (middle) sales price was $295,000, which was up 2.5% from February of last year. Meanwhile, the average price was up 5%. This signals relative strength in the higher-end houses, which is interesting as word on the street lately has been that higher-end houses were weaker.
The days on market (days it takes to get a contract) was 53 days, up a huge 40% versus last year. It is now about where it was in 2019.
The total inventory, or houses available for sale on the market, decreased 13% from last year, but is up 6% from the last 5 year average. At the current pace of sales, there is a 3.6 month supply of houses on the market, down over 9% from last year.
Bottom line is that there are fewer houses on the market, and they are taking longer to sell. This is likely due to various reasons including interest rates and the overall economy.
If you need to sell your house quickly, without the time and expense of preparing it to list on the market, call us at 205-390-1050 or visit us at www.CahabaHomeBuyers.com. Good luck!