According to the Southeast Alabama Association of Realtors, March residential sales in the Dothan area decreased 3.2% year-over-year from 156 to 151 closed transactions. Sales increased 32.5% from February. Sales are down 9.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Dothan area’s housing data, click here.
Inventory: March listings (596) increased 2.6% from February and increased 32.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 5.1 in February and up from 2.9 months in March 2024. The equilibrium points where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The Dothan area median sales price in March was $280,469, an increase of 20.6% from one year ago and an increase of 14.2% 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 114 days on the market (DOM), 35 days slower than March 2024.
Forecast: March sales (151) were 11 units, or 6.8% below the Alabama Center for Real Estate’s (ACRE) monthly forecast (162). ACRE forecasted a total of 397 home sales year-to-date, while there were 374 actual sales through March, a difference of 5.9%
Click here to view the entire monthly report.
The Southeast Alabama Residential Monthly Report is developed in conjunction with the Southeast Alabama Association of Realtors to better serve Dothan-area consumers.
