According to the Tuscaloosa Association of Realtors, January home sales in the area increaseed 5.5% year-over-year (Y/Y) from 146 to 154 closed transactions. Contrary to seasonal trends, sales decreased 15.8% from December. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: January listings (552) decreased 0.9% from December and increased 1.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.0 months in December, and down from 3.7 months in January 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in January was $237,450, a decrease of 3.8% from one year ago and a decrease of 6.3% from December. 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 January averaged 51 days on the market (DOM), 1 day slower than January 2023.
Forecast: January sales were 5 units, or 3.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 159 sales for the month, while actual sales were 154 units.
New Construction: The 21 new homes sold represented 13.6% of all residential sales in the area in January. Total sales decreased 8.7% year-over-year. The median sales price was $264,900, a decrease of 18.2% from one year ago and an increase of 1.9% from December.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
