According to the East Alabama Board of Realtors, August residential sales in the Phenix City area increased 3.0% year-over-year from 132 to 136 closed transactions. Following seasonal trends, sales decreased 8.7% from July. Sales are up 3.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of East Alabama’s housing data, click here.
Inventory: Total homes listed for sale in August increased 47.8% year-over-year from 356 to 526 active listings. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.4 months in July, and up from 2.7 months in August 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is six months of supply.
Pricing: The area’s median sales price in August was $275,000, a decrease of 2.5% from one year ago and a decrease of 4.8% from July. 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 August averaged 67 days on the market, 25 days slower than in August 2024.
Forecast: August sales matched the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 136 sales for the month, while actual sales were 136 units. ACRE forecasts a total of 953 residential sales in the area year-to-date, while there were 911 actual sales through August, a difference of 4.4%.
Click here to view the entire monthly report.
The East Alabama Residential Monthly Report is developed in conjunction with the East Alabama Board of Realtors to better serve area consumers.
