Gadsden area residential sales increase 4.5% year-over-year in September

According to the Northeast Alabama Association of Realtors, September residential sales in the Gadsden area increased 4.5% year-over-year from 88 to 92 closed transactions. Following seasonal trends, sales increased 13.6% from August. Sales are now down 0.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

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

Inventory: September listings (217) increased 13.0% from August and decreased 4.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, remaining constant from last month, and down 0.2 months from September 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply. 

Pricing: The area’s median sales price in September was $209,950, an increase of 18.3% from one year ago and an increase of 10.5% 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 42 days on market, 14 days slower than September 2022. 

Forecast: September sales were 7 units, or 8.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 85 sales for the month, while actual sales were 92 units. ACRE forecast a total of 754 sales in the area year-to-date, while there were 775 actual sales through September, a difference of 2.8%. 

Click here to view the entire monthly report. 

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