According to the Northeast Alabama Association of Realtors, March residential sales in the Gadsden area decreased 22.7% year-over-year from 88 to 68 closed transactions. Following seasonal trends, sales increased 13.3% from February. Sales are now down 20.7% 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: March listings (275) increased 3.8% from February and increased 13.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.0 months, down from 4.4 last month, and up from 2.8 in March 2024. 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 March was $220,000, an increase of 11.2% from one year ago and an increase of 25.4% 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 67 days on the market, 12 days slower than March 2024.
Forecast: March sales were 19 units, or 21.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 87 sales for the month, while actual sales were 68 units.
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.
