According to the Northeast Alabama Association of Realtors, May residential sales in the Gadsden area decreased 3.1% year-over-year from 96 to 93 closed transactions. Following seasonal trends, sales increased 4.5% from April. Sales are down 8.2% 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: May listings (267) increased 4.3% from April and decreased 7.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, remaining unchanged from April, and down from 3.0 in May 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 May was $220,000, an increase of 6.0% from one year ago and an increase of 0.5% 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 55 days on the market, 6 days slower than May 2024.
Forecast: May sales were 4 units, or 4.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 89 sales for the month, while actual sales were 93 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.
