According to the Marshall County Board of Realtors, October residential sales didn’t change year-over-year (Y/Y) with 72 closed transactions. Sales decreased 6.5% from September. Sales are up 0.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Marshall County’s housing data, click here.
Inventory: October listings (435) increased 1.2% from September and increased 58.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 6.0 months, up from 5.6 months in September and up 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 area’s median sales price in October was $282,000, an increase of 29.7% from one year ago and an increase of 12.9% 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 59 days on the market (DOM), 31 days slower than in October 2023.
Forecast: October sales were 10 units or 12.2% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 82 sales for the month, while actual sales were 72 units. ACRE forecasted a total of 829 home sales year-to-date, while there were 784 actual sales through October, a difference of 5.4%.
New Construction: The 8 new homes sold represented 11.1% of all residential sales in the area in October. Total sales increased 14.3% year-over-year. The median sales price was $333,700, an increase of 4.3% from one year ago and an increase of 29.3% from September.
Click here to view the entire monthly report.
The Marshall County Residential Monthly Report is developed in conjunction with the Marshall County Board of Realtors to better serve area consumers.
