According to the Tuscaloosa Association of Realtors, July home sales in the area increased 19.5% year-over-year from 246 to 294 closed transactions. Sales increased 14.0% from June. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: July listings (664) were up 8.1% from June and increased 36.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, down from 2.4 months in June, and up from 2.0 months in July 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 July was $269,900, an increase of 3.8% from one year ago and an increase of 8.0% from June. 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 July averaged 34 days on the market (DOM), 5 days faster than July 2023.
Forecast: July sales were 37 units, or 14.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 257 sales for the month, while actual sales were 294 units. ACRE forecasted a total of 1,672 home sales year-to-date, while there were 1,684 actual sales through July, a difference of 0.7%.
New Construction: The 39 new homes sold represented 13.3% of all residential sales in the area in July. Total sales increased 25.8% year-over-year. The median sales price was $286,750, an increase of 5.1% from one year ago and an increase of 12.7% from June.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
