According to the Greater Alabama MLS, May home sales in the Birmingham area increased 3.4% year-over-year from 1,328 to 1,373 closed transactions. Following seasonal trends, sales increased 11.4% from April. Sales are up 1.0% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: May listings (3,745) increased 3.7% from April and decreased 16.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, down from 2.9 months in April and down from 3.4 months in May 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 May was $325,000, an increase of 5.5% from one year ago and an increase of 1.0% from April. 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 May averaged 35 days on the market, 5 days slower than May 2024.
Forecast: May sales were 10 units, or 0.7%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,383 sales for the month, while actual sales were 1,373 units. ACRE forecast a total of 5,550 home sales in the area year-to-date, while there were 5,473 actual sales through May, a difference of 1.4%.
New Construction: The 85 new homes sold represent 6.2% of all residential sales in the Birmingham area in May. Total sales decreased 29.2% year-over-year. The median sales price in May was $359,900, a decrease of 5.7% from April and an increase of 7.8% 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.
The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
