Gadsden-area residential sales down 14% year-over-year in April

According to the Northeast Alabama Association of Realtors, April residential sales in the Gadsden area decreased 14.3% year-over-year from 84 to 72 closed transactions. Following seasonal trends, sales decreased 18.2% from March. Sales are now down 1.7% 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: April listings (247) increased 1.6% from March and increased 22.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.4 months, up from 2.8 last month, and up from 2.4 in April 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 April was $188,950, an increase of 7.1% from one year ago and a decrease of 4.5% from March. 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 April averaged 44 days on market, 2 days faster than April 2023.

Forecast: April sales were 19 units, or 20.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 91 sales for the month, while actual sales were 72 units. ACRE forecast a total of 317 home sales in the area year-to-date, while there were 294 actual sales through April, a difference of 7.2%.  

New Construction: The 1 new homes sold represents 1.4% of all residential sales in the area in April. Total sales decreased 50.0% year-over-year. The median sales price in April was $630,000, an increase of 155.4% from March and an increase of 143.0% 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.