According to the Tuscaloosa Association of Realtors, June home sales in the area decreased 6.2% year-over-year from 275 to 258 closed transactions. Sales decreased 7.5% from May. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: June listings (614) remained constant from May and increased 29.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, up from 2.2 months in May, and up from 1.7 months in June 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 June was $249,950, a decrease of 7.8% from one year ago and a decrease of 6.0% from May. 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 June averaged 43 days on the market (DOM), 1 day faster than June 2023.
Forecast: June sales were 19 units, or 6.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 298 sales for the month, while actual sales were 279 units. ACRE forecasted a total of 1,128 home sales year-to-date, while there were 1,132 actual sales through June, a difference of 0.4%.
New Construction: The 44 new homes sold represented 17.1% of all residential sales in the area in June. Total sales increased 22.2% year-over-year. The median sales price was $254,495, a decrease of 6.1% from one year ago and a decrease of 9.5% from May.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
