Cullman area home inventory experiences first year-over-year decline since 2021 in March

Sales: According to the Cullman Association of Realtors, March residential sales decreased 13.1% year-over-year from 107 to 93 closed transactions. Following seasonal trends, sales increased 78.9% from February. Sales are now down 27.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

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

Inventory: Total homes listed for sale in March decreased 5.7% year-over-year from 262 to 247 listings. Months of supply (inventory to sales ratio) decreased from 6.2 months in February to 2.7 months in March, reflecting a market where buyers generally have elevated bargaining power.

Pricing: The area’s median sales price in March was $224,900, a decrease of 9.2% from one year ago and a decrease of 6.3% from February. 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 March averaged 76 days on the market (DOM), 27 days slower than March 2022. 

Forecast: March sales were 10 units, or 11.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 83 sales for the month, while actual sales were 93 units. ACRE forecast a total of 204 residential sales in the Cullman County area year-to-date, while there were 200 actual sales through March, a difference of 2.0%. 

Click here to view the entire monthly report.   

The Cullman County Residential Monthly Report is developed in conjunction with the Cullman Association of Realtors to better serve area consumers.