In Alabama, falling prices and rising offers could tempt homebuyers

A recent report shows that the Alabama real estate market has seen a recent decline in home sales, particularly in the last year, but this could prove opportunistic for buyers – especially during seasonal downturns.

In September, Alabama reported 5,340 home sales via the Alabama Economic and Real Estate Report. This is a decrease of 8.2% compared to the previous year.

Although average sales prices rose year-on-year in September, prices recorded in last September’s report showed a 4.6% decline from the previous month and the first decline since summer highs.

Evan Moore, economist at Alabama Realtors, said home sales declined in the final months of the last three years. “While home sales will likely decline over the remainder of the year, the evidence suggests the state’s housing market is and will remain healthy,” Moore said.

However, active listings are also increasing in Alabama, as has been the case over the past eight months. In September, Alabama recorded its highest number of entries in the last five years.

The report predicted that Alabama is moving toward 5 to 6 months of supply, which the report said is historically evidence of a healthy market.

“We believe current trends of increasing listings and increased inventory will create more opportunities for buyers,” said Jeremy Walker, CEO of Alabama Realtors. “As more homes become available, prices could fall in the coming months.”

More:Alabama Power says home prices could rise following its acquisition of the Autauga County power plant

However, there could be further declines in the Montgomery real estate market.

In Construction Coverage’s most recent report on U.S. housing market seasonality between 2014 and 2023, the Montgomery market experienced an average seasonal decline of 24% in the average home sales price. This decline is the 15th largest of any mid-sized U.S. metropolitan area.

In Alabama, falling prices and rising offers could tempt homebuyers

ByAmelia Journalton

By Amelia Journalton

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