The Central Alabama real estate market is among the most affordable and generally stable markets in the US. The average home sold in August 2018 in our Central Alabama area was $165,727.¹ Most recent published data from HUD indicates national average price of existing homes is upwards of $243,833 with average new home prices considerably higher at $328,000.² While many other parts of the country are experiencing major price increases and lack of inventory, the Central Alabama market overall is more in balance with a hint of a sellers market–just under a 5 month supply of homes. July data does show that demand is up and supply is down in our area, but prices have gone up only a modest 2% comparing year over year data. ³ Average days on the market in the Central Alabama region has been hoovering around 90 days for quite some time with nearly half (48%) of the homes selling in under 60 days, but over 11% selling after over a year.¹
Data and chart above obtained from The University of Alabama, Culverhouse College of Commerce, Alabama Center for Real Estate, July 2018 update.³
Data obtained from Montgomery Area Association of Realtors (MAAR) for August 2018 Residential Sales¹
Keep in mind that markets vary by neighboorhood. If you are interested in a more detailed breakdown of market trends by your particular zip code or neighborhood, let me know and I’ll send you a free report: Free Market Report for Your Neighborhood!
¹Montgomery Area Association of Realtors, Multiple Listing Service, August 2018 residential sales data.
²Office of Policy Development and Research (PD&R), U.S. Department of Housing and Urban Development, QTR 1 FY 2018 data.
³The University of Alabama, Culverhouse College of Commerce, Alabama Center for Real Estate, Montgomery area market report, July 2018 update.