Athens-area home sales decline 7% year-over-year in October

According to the Athens-Limestone Association of Realtors, October residential sales in the area decreased 7.4% year-over-year (Y/Y) from 148 to 137 closed transactions. Sales decreased 23.9% from September. Sales are down 15.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

For all of the Athens (Limestone County) housing data, click here.

Inventory: October listings (660) increased 11.5% from September and increased 23.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.8 months, up from 3.3 in September and up from 3.6 in October 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The area’s median sales price in October was $240,000, a decrease of 28.5% from one year ago and a decrease of 26.7% from September. 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 October averaged 31 days on the market (DOM), 14 days slower than October 2022. 

Forecast: October sales were 7 units, or 6.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 105 sales, and actual sales were 98 units. ACRE forecast a total of 1,574 sales in the area year-to-date, while there were 1,607 actual sales through October, a difference of 2.1%.  

New Construction: The 59 new homes sold represent 43.1% of all residential sales in the area in October. Total sales increased 1.7% year-over-year. The median sales price in October was $342,316, an increase of 6.7% from September and a decrease of 2.4% from one year ago. 

Click here to view the entire monthly report.

The Athens Area (Limestone County) Monthly Residential Report is developed in conjunction with the Athens-Limestone Association of Realtors to better serve area consumers.