According to the Northeast Alabama Association of Realtors, March residential sales in the Gadsden area were unchanged year-over-year from 88 to 88 closed transactions. Following seasonal trends, sales increased 29.4% from February. Sales are now up 3.3% 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: March listings (243) increased 8.5% from February and increased 30.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 3.3 last month, and up from 2.1 in March 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 March was $197,925, an increase of 3.9% from one year ago and an increase of 13.1% 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 55 days on market, 0 days slower than March 2023.
Forecast: March sales were 3 units, or 3.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 85 sales for the month, while actual sales were 88 units. ACRE forecast a total of 226 home sales in the area year-to-date, while there were 222 actual sales through March, a difference of 1.7%.
New Construction: The 6 new homes sold represent 6.8% of all residential sales in the area in March. Total sales increased 20.0% year-over-year. The median sales price in March was $246,697, a decrease of 48.6% from February and a decrease of 6.9% from one year ago.
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.
