The Alabama Center for Real Estate has released their report on the Birmingham real estate market, with data updated through July 2024. We cover the highlights here!
The total number of houses sold in July was up 18.2% versus the same period in 2023. However, that number is down 16% when compared to the 5-year average, and is 29% below the peak in 2020.
The median (middle) sales price was $309,900 in July, which is up almost 2% versus last year. This number continues to steadily rise, and is up almost 15% over the past 5 years. The average sales price is $373,000, which is slightly up from last year, but up 17% over the 5 year average.
The average days on market (days it takes to get a house under contract once listed), was 32 days in July. This is up 52% from last year and up 58% from the 5 year average. This is more reflective of the insanely low days-on-market of the past 5 years. If anything, the current days on market is more of a healthy/average number.
Total inventory – the number of houses available for sale – is up 22% vs. last year, and up almost 9% over the five year average. Similar to days on market, this really is more of a sign of how low inventory levels have been the past few years. We are still down 42% versus the peak in July 2015.
At the current pace of sales, there is a 3.6 month supply of houses on hte market. This is up 2.6% versus last year, and up about 26% compared to the prior 5 year average. Once again, this shows a weakening market, but really just moving towards more historically normal figures.
If you would like to avoid the hassles and time involved in listing a house, call us at 205-390-1050. We buy houses as-is, for cash, throughout the Birmingham metropolitan area. You can also visit us online at www.CahabaHomeBuyers.com.