According to the Northeast Alabama Association of Realtors, December residential sales in the Gadsden area increased 58.9% year-over-year from 56 to 89 closed transactions. Contrary to seasonal trends, sales increased 29.0% from November. Sales are now down 5.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the housing data for the Gadsden area, click here.
Inventory: December listings (256) decreased 1.5% from November and increased 20.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.8 last month, and down from 3.8 in December 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 December was $202,875, a decrease of 6.7% from one year ago and a decrease of 11.8% from November. 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 December averaged 60 days on the market, 15 days slower than December 2023.
Forecast: December sales were 18 units, or 24.7, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 71 sales for the month, while actual sales were 89 units. ACRE forecast a total of 1,019 home sales in the area year-to-date, while there were 928 actual sales through December, a difference of 8.9%.
New Construction: The 4 new homes sold represent 4.5% of all residential sales in the area in December. Total sales increased 100.0% year-over-year. The median sales price in December was $322,450, a decrease of 13.4% from November and an increase of 10.9% 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.
