According to the Marshall County Board of Realtors, July residential sales decreased 3.0% year-over-year (Y/Y) from 101 to 98 closed transactions. Sales increased 10.1% from June. Sales are up 1.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Marshall County’s housing data, click here.
Inventory: July listings (406) increased 13.4% from June and increased 88.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 4.0 months in June and up from 2.1 months in July 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 July was $239,900, a decrease of 0.1% from one year ago and a decrease of 15.8% 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 35 days on the market (DOM), 6 days slower than in July 2023.
Forecast: July sales were 3 units or 2.7% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 95 sales for the month, while actual sales were 98 units. ACRE forecasted a total of 564 home sales year-to-date, while there were 557 actual sales through July, a difference of 1.2%.
New Construction: The 8 new homes sold represented 8.2% of all residential sales in the area in July. Total sales increased 14.3% year-over-year. The median sales price was $307,491, an increase of 4.2% from one year ago and an increase of 24.7% from June.
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.
