November home sales in the state decreased 3.8% year-over-year from 4,290 to 4,126 closed transactions. Consistent with seasonal trends, sales decreased 16.8% from October. Sales have increased 2.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: November listings (21,096) decreased 1.0% from October and decreased 1.0% from one year ago. Based on the current rate of sales, all active inventory on the market would sell in 5.1 months, up from 4.3 in October and up from 5.0 months in November 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in November was $273,022, a decrease of 4.5% from October and a 5.6% increase from one year ago. The differing sample size (number of residential sales in 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 November averaged 74 days on the market, 11 days slower than one year ago.
Forecast: November sales were 432 units, or 9.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast 4,558 sales for the month while actual sales were 4,126 units. ACRE projected a total of 56,740 home sales year-to-date, while there were 54,408 actual sales through November, a difference of 4.1%.
New Construction: The 704 new homes sold represented 17.1% of all residential sales in the state during November. Sales decreased 2.6% from October and decreased 19.3% from November 2024. The median sales price was $330,703, a slight increase of 0.1% from October and 2.8% from one year ago.
Click here to view the entire monthly report.
