According to the Northeast Alabama Association of Realtors, May residential sales in the Gadsden area remained constant year-over-year at 96 closed transactions. Following seasonal trends, sales increased 33.3% from April. Sales are now down 1.3% 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: May listings (287) increased 16.2% from April and increased 54.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, down from 3.4 last month, and up from 1.9 in May 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 May was $207,500, an increase of 7.4% from one year ago and an increase of 9.8% from April. 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 May averaged 49 days on the market, 8 days slower than May 2023.
Forecast: May sales were 2 units, or 2.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 98 sales for the month, while actual sales were 96 units. ACRE forecast a total of 415 home sales in the area year-to-date, while there were 390 actual sales through May, a difference of 6.0%.
New Construction: The 3 new homes sold represent 3.1% of all residential sales in the area in May. Total sales increased 200.0% year-over-year. The median sales price in May was $289,000, a decrease of 54.1% from April and a decrease of 12.4% 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.
