Southeast Alabama reaches record high median home sales price in September

Sales: According to the Southeast Alabama Association of Realtors, September residential sales in the Dothan area decreased 10.7% year-over-year from 177 to 158 closed transactions. Sales decreased 5.4% from August. Sales are down 5.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

For all of the Dothan area’s housing data, click here.

Inventory: September listings (387) increased 5.5% from August and 30.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, up from 2.2 in August and from 1.7 months in September 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The Dothan area median sales price in September was $228,950, a record high and an increase of 18.9% from one year ago and an increase of 11.4% from August. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. 

Homes sold in September averaged 66 days on the market (DOM), 8 days faster than September 2021. 

Forecast: September sales (158) were 20 units, or 11.0% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (178). ACRE forecast a total of 1,528 residential sales in the Dothan area year-to-date, while there were 1,467 actual sales through September, a difference of 4.0%.

Click here to view the entire monthly report. 

The Southeast Alabama Residential Monthly Report is developed in conjunction with the Southeast Alabama Association of Realtors to better serve Dothan-area consumers.