According to the Greater Alabama MLS, March home sales in the Birmingham area decreased 3.8% year-over-year from 1,185 to 1,140 closed transactions. Following seasonal trends, sales increased 21.0% from February. Sales are up 0.2% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: March listings (3,586) increased 5.4% from February and decreased 12.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.1 months, down from 3.6 months in February and down from 3.5 months in March 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in March was $306,837, an increase of 3.7% from one year ago and an increase of 4.0% from February. 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 March averaged 42 days on the market, 4 days slower than March 2024.
Forecast: March sales were 92 units, or 7.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,232 sales for the month, while actual sales were 1,140 units. ACRE forecast a total of 2,883 home sales in the area year-to-date, while there were 2,868 actual sales through March, a difference of 0.5%.
New Construction: The 76 new homes sold represent 6.7% of all residential sales in the Birmingham area in March. Total sales decreased 13.6% year-over-year. The median sales price in March was $327,587, a decrease of 2.2% from February and remained unchanged from one year ago.
Click here to view the entire monthly report. The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
