According to the Northeast Alabama Association of Realtors, August residential sales in the Gadsden area decreased 2.5% year-over-year from 81 to 79 closed transactions. Contrary to seasonal trends, sales decreased 3.7% from July. Sales are now down 8.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all of the Gadsden area’s housing data, click here.
Inventory: August listings (283) increased 6.0% from July and increased 47.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.3 last month, and up from 2.4 in August 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The area’s median sales price in August was $168,000, a decrease of 11.6% from one year ago and a decrease of 18.8% 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 39 days on the market, 6 days slower than August 2023.
Forecast: August sales were 18 units, or 18.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 97 sales for the month, while actual sales were 79 units. ACRE forecast a total of 706 home sales in the area year-to-date, while there were 628 actual sales through August, a difference of 11.1%.
New Construction: The 4 new homes sold represent 5.1% of all residential sales in the area in August. Total sales decreased 20.0% year-over-year. The median sales price in August was $283,000, a decrease of 5.6% from July and an increase of 27.0% from one year ago.
Click here to view the entire monthly report.
The Gadsden Residential Monthly Report is developed in conjunction with the Northeast Alabama Association of Realtors to better serve area consumers.
