According to the Montgomery Area Association of REALTORS, October home sales in the area increased 9.0% year-over-year from 368 to 401 closed transactions. Following seasonal trends, sales increased 6.9% from September. Two more resources to review: Quarterly Report and Annual Report.
For all Montgomery-area housing data, click here.
Inventory: Homes listed for sale increased 3.9% from September and increased 27.4% year-over-year from 1,145 to 1,459 listings. Months of supply increased from 3.1 in October 2023 to 3.6 in October 2024, reflecting a market where sellers generally have elevated bargaining power.
Pricing: The median sales price in October was $230,000, an increase of 3.0% from one year ago and a decrease of 8.7% 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 71 days on the market (DOM), 17 days slower than October 2023.
Forecast: October sales were 33 units, or 9.0%, above the Alabama Center for Real Estate (ACRE) monthly forecast. ACRE projected 368 sales for the month, while actual sales were 401 units. ACRE forecasted a total of 3,877 home sales year-to-date, while there were 3,837 actual sales through October, a difference of 1.0%.
New Construction: The 54 new homes sold represent 13.5% of all residential sales in the area in October. Total sales decreased 6.9% year-over-year. The median sales price in October was $384,400, an increase of 10.0% from one year ago and an increase of 4.9% from September
Click here to view the entire monthly report.
The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors.
