Tuscaloosa area home sales up 24% year-over-year in April

According to the Tuscaloosa Association of Realtors, April home sales in the area increased 23.9% year-over-year from 201 to 249 closed transactions. Sales didn’t change from March. Two more resources to review: Quarterly Report and Annual Report.

For all Tuscaloosa-area housing data, click here.

Inventory: April listings (579) increased 2.8% from March and increased 22.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, down from 2.5 months in March, and consistent from 2.3 months in April 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.

Pricing: The median sales price in April was $259,900, an increase of 4.0% from one year ago and an increase of 0.3% 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 42 days on the market (DOM), 5 days faster than April 2023.

Forecast: April sales were 26 units, or 11.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 223 sales for the month, while actual sales were 249 units. ACRE forecasted a total of 830 home sales year-to-date, while there were 853 actual sales through April, a difference of 2.8%.

New Construction: The 35 new homes sold represented 14.1% of all residential sales in the area in April. Total sales increased 25.0% year-over-year. The median sales price was $280,000, an increase of 4.3% from one year ago and a decrease of 0.8% from March.   

Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.