According to the Northeast Alabama Association of Realtors, January residential sales in the Gadsden area increased 3.1% year-over-year from 64 to 66 closed transactions. Following seasonal trends, sales decreased 4.2% from December. Sales are now up 3.1% 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: January listings (217) increased 1.9% from December and increased 1.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, down from 3.8 last month, and constant with January 2023. 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 January was $155,000, a decrease of 19.3% from one year ago and a decrease of 28.7% 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 43 days on market, 15 days slower than January 2023.
Forecast: January sales were 2 units, or 2.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 68 sales for the month, while actual sales were 66 units. ACRE forecast a total of 68 sales in the area year-to-date, while there were 66 actual sales through January, a difference of 2.9%.
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.
