According to the Marshall County Board of Realtors, May residential sales increased 15.1% year-over-year (Y/Y) from 93 to 107 closed transactions. Sales increased 37.2% from April. Sales are up 5.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Marshall County’s housing data, click here.
Inventory: May listings (308) increased 4.4% from April and increased 58.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.8 months in April and up from 2.1 months in May 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The area’s median sales price in May was $289,900, an increase of 16.0% from one year ago and an increase of 13.9% 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 53 days on the market (DOM), 16 days slower than in May 2023.
Forecast: May sales were 15 units above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 92 sales for the month, while actual sales were also 107 units. ACRE forecasted a total of 373 home sales year-to-date, while there were 370 actual sales through May, a difference of 0.9%.
New Construction: The 13 new homes sold represented 16.9% of all residential sales in the area in May. Total sales increased 116.7% year-over-year. The median sales price was $259,000, a decrease of 29.3% from one year ago and an increase of 5.7% from April.
Click here to view the entire monthly report.
The Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board of Realtors to better serve area consumers.
