Real Estate Market Update

Wednesday, March 06, 2019   /   by Global Marketing

Real Estate Market Update

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Tuscaloosa came in third place for fastest-selling market and most improved market in Alabama. Tuscaloosa experienced gain in residential sales, inventory, and sales price. It also saw improvement on days on market, dollar volume, and residential listings.

Tuscaloosa is tied for third with Birmingham for the fastest-selling market in Alabama. Homes spent an average of 53 days on the market. Statewide, homes spend an average of 106 days on the market and nationally, homes spend an average of 87 days on the market. Total residential sales improved 12.1 percent from 124 to 139 closed transactions. Tuscaloosa went against state trends and had an inventory gain of 1.8%. Due to the inventory gain, the median sales price climbed 2.5% from $175,500 to $179,900. 

Tuscaloosa was also listed third for the most improved market in Alabama. Dollar volume increased 23% from $26.5 million one year ago to $32.5 million in January. Inventory in the area increased by 1.8% from 839 to 854 residential listings one year ago. Days on the market (DOM) saw improvement from 58 days to 53 days. January's gain of residential listings broke a 43-month streak of year over year inventory declines. 

Advice: Watch the market for continuing inventory gains. This may ease home price appreciation. This will allow more buyers to enter the market.

Source: acre.culverhouse.ua.edu

By Carol Ann Underwood