Gadsden-area residential sales increase by 5% year-over-year in October

According to the Northeast Alabama Association of Realtors, October residential sales in the Gadsden area increased 4.9% year-over-year from 81 to 85 closed transactions. Following seasonal trends, sales decreased 7.6% from September. Sales are now down 8.8% 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: October listings (228) increased 5.1% from September and decreased 12.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.4 last month, and down from 3.2 months from October 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 October was $195,000, a decrease of 9.3% from one year ago and a decrease of 7.1% 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 45 days on market, 5 days slower than October 2022. 

Forecast: October sales were 10 units, or 17.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 54 sales for the month, while actual sales were 64 units. ACRE forecast a total of 833 sales in the area year-to-date, while there were 860 actual sales through October, a difference of 3.3%. 

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.