According to the Marshall County Board of Realtors, August residential sales decreased 13.3% year-over-year (Y/Y) from 90 to 78 closed transactions. Sales decreased 20.4% from July. Sales are down 0.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Marshall County’s housing data, click here.
Inventory: August listings (428) increased 5.4% from July and increased 79.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.5 months, up from 4.1 months in July and up from 2.6 months in August 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 August was $260,000, an increase of 13.0% from one year ago and an increase of 8.4% from July. 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 August averaged 38 days on the market (DOM), 17 days slower than in August 2023.
Forecast: August sales were 24 units or 23.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 102 sales for the month, while actual sales were 78 units. ACRE forecasted a total of 665 home sales year-to-date, while there were 635 actual sales through August, a difference of 4.6%.
New Construction: The 11 new homes sold represented 14.1% of all residential sales in the area in August. Total sales increased 37.5% year-over-year. The median sales price was $289,000, a decrease of 18.5% from one year ago and a decrease of 6.0% from July.
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.
