ALABAMA REAL ESTATE JOURNAL

Montgomery-area home sales up 4% year-over-year in November

According to the Montgomery Area Association of REALTORS, November home sales in the area increased 4.1% year-over-year from 319 to 332 closed transactions. Following seasonal trends, sales decreased 17.2% from October. Two more resources to review: Quarterly Report and Annual Report. 

For all Montgomery-area housing data, click here. 

Inventory: Homes listed for sale decreased 3.0% from October and increased 24.1% year-over-year from 1,140 to 1,415 listings. Months of supply increased from 3.6 in November 2023 to 4.3 in November 2024, reflecting a market where sellers generally have elevated bargaining power. 

Pricing: The median sales price in November was $242,950, an increase of 5.6% from one year ago and an increase of 5.6% from 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 75 days on the market (DOM), 6 days slower than November 2023. 

Forecast: November sales were 26 units, or 7.3%, above the Alabama Center for Real Estate (ACRE) monthly forecast. ACRE projected 358 sales for the month, while actual sales were 332 units. ACRE forecasted a total of 4,235 home sales year-to-date, while there were 4,169 actual sales through November, a difference of 1.6%. 

New Construction: The 60 new homes sold represent 18.1% of all residential sales in the area in November. Total sales decreased 7.7% year-over-year. The median sales price in November was $346,818, an increase of 3.8% from one year ago and a decrease of 9.8% from October 

Click here to view the entire monthly report. 

The Montgomery Residential Monthly Report is developed in connection with the Montgomery Area Association of Realtors. 

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