The Alabama real estate market is showing positive signs of growth, even as inflation and high interest rates gradually decline. According to the Alabama Association of Realtors (AAR), November 2024 saw more than 50,000 home sales, a 5.9% month-over-month increase. While this figure represents a slight 2.5% decline compared to the same time last year, it reflects a stable and resilient market.
One of the more encouraging trends in the state is the rising median home sales price. Since 2023, the median price has increased by around $6,000, or 2.8%, signaling a healthy market despite broader economic challenges. This price increase is contributing to significant transaction volumes, with over $1.2 billion in real estate deals occurring in the state during November alone.
The market is also benefiting from a surge in housing availability, with more than 19,000 homes for sale in November, representing a 28% increase (or approximately 4,200 additional homes) compared to 2023. The increased inventory provides buyers with greater flexibility, allowing them to find homes that better meet their needs and preferences.
As the state continues to navigate economic shifts, the Alabama real estate market demonstrates resilience, with growing sales, higher home values, and more options for prospective buyers.
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