According to the Greater Alabama MLS, August home sales in the Birmingham area increased 0.3% year-over-year from 1,205 to 1,209 closed transactions. Following seasonal trends, sales slightly decreased by 10.1% from July. Sales are up 3.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: August listings (5,263) increased 31.0% from July and increased 13.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 1.4 months in July, and up from 3.9 months in August 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 August was $310,000, decreasing slightly from July and an increase of 3.7% from one year ago. 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 August averaged 40 days on the market, 4 days slower than August 2024.
Forecast: August sales were 162 units, or 12.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,371 sales for the month, while actual sales were 1,209 units. ACRE forecast a total of 9,731 home sales in the area year-to-date, while there were 9,394 actual sales through August, a difference of 3.5%.
New Construction: The 98 new homes sold represent 8.1% of all residential sales in the Birmingham area in August. Total sales decreased by 12.5% year-over-year. The median sales price in August was $333,900, a decrease of 1.1% from July and a slight decrease of 1.0% 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.
