According to the Tuscaloosa Association of Realtors, March home sales in the area increased 2.2% year-over-year from 225 to 230 closed transactions. Sales increased 8.0% from February. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: March listings (678) were down 3.4% from February and increased 20.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.3 months in February, and up from 2.5 months in March 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in March was $277,400, an increase of 7.1% from one year ago and an increase of 6.7% from February. 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 March averaged 55 days on the market (DOM), 9 days slower than March 2024.
Forecast: March sales were 39 units, or 14.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 269 sales for the month, while actual sales were 230 units. ACRE forecasted a total of 636 home sales year-to-date, while there were 617 actual sales through March, a difference of 3.0%.
New Construction: The 46 new homes sold represented 20.0% of all residential sales in the area in March. Total sales increased 21.1% year-over-year. The median sales price was $319,900, an increase of 13.4% from one year ago and an increase of 8.1% from February.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
