According to the Northeast Alabama Association of Realtors, June residential sales in the Gadsden area decreased 30.6% year-over-year at 77 closed transactions. Contrary to seasonal trends, sales decreased 19.8% from May. Sales are now down 7.7% 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: June listings (255) decreased 11.1% from May and increased 21.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 3.0 last month, and up from 1.9 in June 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 June was $210,000, a decrease of 4.1% from one year ago and an increase of 1.2% from May. 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 June averaged 56 days on the market, 13 days slower than June 2023.
Forecast: June sales were 22 units, or 21.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 99 sales for the month, while actual sales were 77 units. ACRE forecast a total of 513 home sales in the area year-to-date, while there were 467 actual sales through June, a difference of 9.0%.
New Construction: The 2 new homes sold represent 2.6% of all residential sales in the area in June. Total sales decreased 66.7% year-over-year. The median sales price in June was $275,000, a decrease of 4.8% from May and an increase of 3.9% 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.
