According to the Tuscaloosa Association of Realtors, September home sales in the area increased 24.8% year-over-year from 202 to 252 closed transactions. Sales increased 1.2% from August. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: September listings (685) were up 5.7% from August and increased 22.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.6 months in August, and down from 2.8 months in September 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 September was $275,363, an increase of 2.0% from one year ago and an increase of 2.0% from August. 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 September averaged 43 days on the market (DOM), 4 days slower than September 2023.
Forecast: September sales were 41 units, or 19.6%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 211 sales for the month, while actual sales were 252 units. ACRE forecasted a total of 2,156 home sales year-to-date, while there were 2,185 actual sales through September, a difference of 1.3%.
New Construction: The 42 new homes sold represented 16.7% of all residential sales in the area in September. Total sales increased 10.5% year-over-year. The median sales price was $283,500, an increase of 13.1% from one year ago and a decrease of 7.8% from August.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
