According to the Montgomery Area Association of REALTORS, September home sales in the area increased 6.8% year-over-year from 351 to 375 closed transactions. Following seasonal trends, sales decreased 8.8% from August. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale decreased 1.4% from August and increased 32.1% year-over-year from 1,063 to 1,404 listings. Months of supply increased from 3.0 in September 2023 to 3.7 in September 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in September was $252,000, an increase of 8.2% from one year ago and an increase of 2.9% 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 76 days on the market (DOM), 22 days slower than September 2023.
Forecast: September sales were 6 units, or 1.6%, above the Alabama Center for Real Estate (ACRE) monthly forecast. ACRE projected 369 sales for the month, while actual sales were 375 units. ACRE forecasted a total of 3,509 home sales year-to-date, while there were 3,436 actual sales through September, a difference of 2.1%.
New Construction: The 66 new homes sold represent 17.6% of all residential sales in the area in September. Total sales increased 13.8% year-over-year. The median sales price in September was $366,342, an increase of 2.8% from one year ago and a decrease of 0.2% from August
Click here to view the entire monthly report.
