The Alabama Center For Real Estate has released their report on the Birmingham real estate market with stats updated through January 2025. We cover the highlights here!
The total number of houses sold increased 13% versus last year, but is 15% below the 5 year average.
The median (middle) sales price was $282,000, about even with last year, and 12% above the 5 year average. The average sales price was $342,000, also flat with last year and about 15% above the 5 year average. Prices appear to be holding steady!
The average days on market (days it takes to get the house under contract) was 50, a 25% increase from last year and a huge 54% increase over the past five years. However, the past 5 years have been historically extremely low. Days on market is about where it was in 2019.
The total inventory (houses available for sale) was down 12% from last year, and up about 6% from the 5-year average. It still remains relatively low historically! At the current pace of sales, there is about 4.2 months of supply on the market, which is a 22% decline from last year (but a 16% increase from the prior 5 years average).
These statistics highlight a Birmingham market in transition, with fewer sales and a shrinking inventory compared to both the previous year and the longer-term average. Buyers and sellers alike may need to adjust strategies as the market continues to evolve in 2025.
For more details, refer to the full Birmingham Residential Report from the Alabama Center for Real Estate.
If you do not want to both with the risks of putting a house on the market, call us at 205-390-1050 or fill out our simple form at www.CahabaHomeBuyers.com. We buy houses throughout the Birmingham area and would love to discuss an offer with you!