Cullman residential sales increase 2% year-over-year in March

According to the Cullman Association of Realtors, March residential sales increased 2.2% from last year. Sales increased 48.4% from February. Two more resources to review: Quarterly Report and Annual Report.

For all of the Cullman County area’s housing data, click here.

Inventory: Total homes listed for sale in March decreased 6.1% year-over-year from 247 to 232 listings. Months of supply (inventory to sales ratio) decreased from 3.5 months in February to 2.4 months in March, reflecting a market where buyers generally have decreased bargaining power.

Pricing: The area’s median sales price in March was $225,500, an increase of 0.3% from one year ago and a decrease of 12.8% from February. 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 March averaged 52 days on the market (DOM), 24 days slower than March 2023.

Forecast: March sales were 7 units, or 8.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 88 sales for the month, while actual sales were 95 units. ACRE projected 211 sales year-to-date, while actual sales were 204, a difference of 3.4%.

Click here to view the entire monthly report.

The Cullman County Residential Monthly Report is developed in conjunction with the Cullman Association of Realtors to better serve area consumers.