According to the Northeast Alabama Association of Realtors, July residential sales in the Gadsden area decreased 14.6% year-over-year from 96 to 82 closed transactions. Contrary to seasonal trends, sales increased 6.5% from June. Sales are now down 8.8% 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: July listings (267) increased 4.7% from June and increased 26.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, consistent from last month, and up from 2.2 in July 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 July was $207,000, an increase of 1.0% from one year ago and a decrease of 1.4% 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 51 days on the market, 13 days slower than July 2023.
Forecast: July sales were 14 units, or 14.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 96 sales for the month, while actual sales were 82 units. ACRE forecast a total of 609 home sales in the area year-to-date, while there were 549 actual sales through July, a difference of 9.9%.
New Construction: The 3 new homes sold represent 3.7% of all residential sales in the area in July. Total sales decreased 57.1% year-over-year. The median sales price in July was $299,900, an increase of 9.1% from June and an increase of 17.7% 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.
