According to the Tuscaloosa Association of Realtors, August home sales in the area decreased 5.0% year-over-year from 262 to 249 closed transactions. Sales decreased 15.3% from July. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: August listings (648) were down 2.4% from July and increased 23.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.3 months in July, and up from 2.0 months in August 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 August was $270,000, an increase of 3.8% from one year ago and an increase of 0.1% 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 44 days on the market (DOM), 2 days faster than August 2023.
Forecast: August sales were 25 units, or 9.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 274 sales for the month, while actual sales were 249 units. ACRE forecasted a total of 1,946 home sales year-to-date, while there were 1,933 actual sales through August, a difference of 0.7%.
New Construction: The 40 new homes sold represented 16.1% of all residential sales in the area in August. Total sales decreased 25.9% year-over-year. The median sales price was $307,400, an increase of 14.4% from one year ago and an increase of 7.2% from July.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
