According to the Tuscaloosa Association of Realtors, January home sales in the area increased 13.0% year-over-year from 154 to 174 closed transactions. Sales decreased 18.3% from December. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: January listings (695) were up 6.9% from December and increased 25.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, up from 3.1 months in December, and up from 3.6 months in January 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 January was $262,250, an increase of 11.7% from one year ago and a decrease of 5.2% from December. 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 January averaged 53 days on the market (DOM), 2 days slower than January 2023.
Forecast: January sales were 12 units, or 7.7%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 162 sales for the month, while actual sales were 174 units. ACRE forecasted a total of 162 home sales year-to-date, while there were 174 actual sales through January, a difference of 7.7%.
New Construction: The 30 new homes sold represented 17.2% of all residential sales in the area in January. Total sales increased 42.9% year-over-year. The median sales price was $313,400, an increase of 18.3% from one year ago and a decrease of 0.5% from December.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
