According to the Northeast Alabama Association of Realtors, February residential sales in the Gadsden area increased 7.9% year-over-year from 64 to 66 closed transactions. Following seasonal trends, sales increased 3.0% from January. Sales are now up 5.5% 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: February listings (224) increased 3.2% from January and increased 14.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, constant from last month, and up from 3.1 in February 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 February was $175,000, an increase of 6.1% from one year ago and 12.9% from January. 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 February averaged 52 days on market, 3 days slower than February 2023.
Forecast: February sales were 5 units, or 6.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 73 sales for the month, while actual sales were 68 units. ACRE forecast a total of 141 sales in the area year-to-date, while there were 134 actual sales through February, a difference of 5.0%.
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.
