February 2024 home sales in Alabama saw a 0.5% month-over-month increase.
According to Alabama REALTORS, approximately 4,710 homes were sold during the month, which might indicate an early start to the spring selling season.
Additionally, Alabama’s median sales price declined in February, suggesting improved affordability for home buyers. The median sales price decreased by 0.2% year-over-year as well and continued to decline over the first two months of 2024.
“Alabama’s housing market is outperforming most of the nation in terms of options and affordability,” said Jeremy Walker, CEO of Alabama REALTORS. “Now is a great time for prospective buyers and sellers to connect with a local REALTOR and turn their home ownership dreams into reality.”
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Data from the February report also showed that active residential listings increased by 122 properties compared to January, ending two months of decline. Annually, the number of homes being listed on the market is up by almost 27%.
Senia Johnson, 2024 President of Alabama REALTORS, discussed the unusual trend.
“Housing market activity is increasing, affordability is improving, and houses are being listed for sale every day,” said Johnson. “This news is encouraging and suggests that Alabama’s housing market is beginning to rebound, and the spring buying season may be off to an early start.”
Alabama’s average and median sales prices both experienced continued decreases in February, with the median price of a home in Alabama recording $200,324. According to National Association of Realtors, the median price of a home in the United States is $391,700.
In comparison to national trends, Alabama is one of the few areas in the country with increasing inventory and decreasing home prices. Alabama’s housing supply levels increased to 4.2 months in February, a figure that is 2 months greater than a year ago and the highest level seen in the last five years.
Housing inventory continues to remain historically low throughout the U.S.
Austen Shipley is a staff writer for Yellowhammer News.
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