According to the Greater Alabama MLS, October home sales in the Birmingham area decreased 0.6% year-over-year from 1,132 to 1,125 closed transactions. Following seasonal trends, sales slightly decreased by 5.1% from September. Sales are up 10.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: October listings (4,218) decreased 0.0% from September and decreased 6.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 3.6 months in September, and down from 4.0 months in October 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 October was $299,000, decreasing slightly from September and an increase of 3.1% 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 October averaged 44 days on the market, 9 days slower than October 2024.
Forecast: October sales were 59 units, or 5.54%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,066 sales for the month, while actual sales were 1,125 units. ACRE forecasts a total of 11,998 home sales in the area year-to-date, while there were 11,704 actual sales through October, a difference of 2.45%.
New Construction: The 97 new homes sold represent 8.6% of all residential sales in the Birmingham area in October. Total sales decreased by 38.2% year-over-year. The median sales price in October was $324,995, an increase of 4.9% from September and a decrease of 9.6% 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.
