According to the Tuscaloosa Association of Realtors, November home sales in the area increased 13.2% year-over-year from 174 to 197 closed transactions. Sales decreased 6.6% from October. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: November listings (680) were down 0.9% from October and increased 11.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, up from 3.3 months in October, and equal to the 3.5 months in November 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in November was $274,900, an increase of 5.8% from one year ago and an increase of 1.9% 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 44 days on the market (DOM), constant with November 2023.
Forecast: November sales were 18 units, or 9.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 179 sales for the month, while actual sales were 197 units. ACRE forecasted a total of 2,519 home sales year-to-date, while there were 2,593 actual sales through November, a difference of 2.9%.
New Construction: The 21 new homes sold represented 10.7% of all residential sales in the area in November. Total sales decreased 22.2% year-over-year. The median sales price was $338,400, an increase of 35.4% from one year ago and an increase of 23.1% from October.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
