According to the Marshall County Board of Realtors, November residential increased by 41.9% year-over-year (Y/Y) with 88 closed transactions. Sales increased 22.2% from October. Sales are up 3.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of Marshall County’s housing data, click here.
Inventory: November listings (417) decreased 4.1% from October and increased 67.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.7 months, down from 6.0 months in October and up from 4.0 months in November 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 November was $282,000, an increase of 13.0% from one year ago and consistent with October. 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 November averaged 65 days on the market (DOM), 26 days slower than in November 2023.
Forecast: November sales were 11 units or 14.9% below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 77 sales for the month, while actual sales were 88 units. ACRE forecasted a total of 905 home sales year-to-date, while there were 872 actual sales through November, a difference of 3.7%.
New Construction: The 12 new homes sold represented 13.6% of all residential sales in the area in November. Total sales increased 71.4% year-over-year. The median sales price was $278,500, an increase of 32.0% from one year ago and a decrease of 16.5% from October.
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.
