According to the Tuscaloosa Association of Realtors, May home sales in the area increased 6.1% year-over-year from 279 to 296 closed transactions. Sales increased 3.9% from April. Two more resources to review: Quarterly Report and Annual Report.
For all Tuscaloosa-area housing data, click here.
Inventory: May listings (681) were down 2.6% from April and increased 10.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.3 months, down from 2.5 months in April, and up from 2.2 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 $287,452, an increase of 8.1% from one year ago and a decrease of 4.6% 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 46 days on the market (DOM), 10 days slower than May 2024.
Forecast: May sales were 5 units, or 1.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 291 sales for the month, while actual sales were 296 units. ACRE forecasted a total of 1184 home sales year-to-date, while there were 1198 actual sales through May, a difference of 1.2%.
New Construction: The 59 new homes sold represented 20.0% of all residential sales in the area in May. Total sales increased 73.5% year-over-year. The median sales price was $327,400, an increase of 16.4% from one year ago and an increase of 14.0% from April.
Click here to view the entire monthly report. The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.
