According to the Tuscaloosa Association of Realtors, October home sales in the area increased 30.2% year-over-year from 162 to 211 closed transactions. Sales decreased 16.3% from September. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: October listings (686) were up 0.1% from September and increased 11.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.7 months in September, and down from 3.8 months in October 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 October was $269,900, an increase of 5.9% from one year ago and a decrease of 2.0% from September. 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 October averaged 41 days on the market (DOM), 4 days faster than October 2023.
Forecast: October sales were 28 units, or 15.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 183 sales for the month, while actual sales were 211 units. ACRE forecasted a total of 2,340 home sales year-to-date, while there were 2,396 actual sales through October, a difference of 2.4%.
New Construction: The 35 new homes sold represented 16.6% of all residential sales in the area in October. Total sales increased 20.7% year-over-year. The median sales price was $274,900, an increase of 6.3% from one year ago and a decrease of 3.0% from September.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
