According to the Northeast Alabama Association of Realtors, September residential sales in the Gadsden area decreased 26.1% year-over-year from 92 to 68 closed transactions. Contrary to seasonal trends, sales decreased 13.9% from August. Sales are now down 10.2% 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: September listings (285) increased 0.7% from August and increased 31.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.2 months, up from 3.6 last month, and up from 2.4 in September 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 September was $207,500, a decrease of 1.2% from one year ago and an increase of 23.5% from August. 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 September averaged 42 days on the market, consistent from September 2023.
Forecast: September sales were 19 units, or 22.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 87 sales for the month, while actual sales were 68 units. ACRE forecast a total of 794 home sales in the area year-to-date, while there were 696 actual sales through September, a difference of 12.3%.
New Construction: The 1 new homes sold represent 1.5% of all residential sales in the area in September. Total sales decreased 90.9% year-over-year. The median sales price in September was $199,000, a decrease of 29.7% from August and a decrease of 5.2% 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.
