According to the Greater Alabama MLS, September home sales in the Birmingham area decreased 0.9% year-over-year from 1,072 to 1,062 closed transactions. Sales decreased 11.9% from August. Sales are up 2.8% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: September listings (4,709) increased 0.8% from August and increased 23.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.9 months in August and up from 3.6 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 $300,000, up 0.3% from one year ago and a decrease of 3.2% 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 37 days on the market, 10 days slower than September 2023.
Forecast: September sales were 75 units, or 6.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,137 sales for the month, while actual sales were 1,062 units. Sales are up 2.8% year-to-date. ACRE forecasted a total of 10,503 home sales year-to-date, while there were 10,158 actual sales through September, a difference of 3.3%.
New Construction: The 194 new homes sold represent 18.3% of all residential sales in the Birmingham area in September. Total sales increased 36.6% year-over-year. The median sales price in September was $348,017, an increase of 3.5% from August and an increase of 7.6% from one year ago
Click here to view the entire monthly report. The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
