According to the Northeast Alabama Association of Realtors, October residential sales in the Gadsden area decreased 12.9% year-over-year from 85 to 74 closed transactions. Contrary to seasonal trends, sales increased 8.8% from September. Sales are now down 10.5% 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: October listings (271) decreased 4.9% from September and increased 18.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, down from 4.2 last month, and up from 2.7 in October 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 October was $201,250, an increase of 3.2% from one year ago and a decrease of 3.0% 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 50 days on the market, 5 days slower than October 2023.
Forecast: October sales were 7 units, or 9.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 81 sales for the month, while actual sales were 74 units. ACRE forecast a total of 875 home sales in the area year-to-date, while there were 770 actual sales through October, a difference of 12.0%.
New Construction: The 2 new homes sold represent 2.7% of all residential sales in the area in October. Total sales decreased 60.0% year-over-year. The median sales price in October was $222,000, an increase of 11.6% from September and an increase of 1.0% 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.
