Is Pelham, AL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Pelham is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, Pelham was a Neutral Market.

Key Takeaway

Pelham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Pelham, AL

How much do homes in Pelham, AL cost?

Median Sold Price

$405,000

$164/sqft

Based on all homes sold in September 2024.

Difference Since Last Month

+$110,000(+37.3%)

Key Takeaway

Homes in Pelham have sold for 37.3% more than they did a month ago.

Summary: The median home sold price in Pelham was $405,000 in September 2024, up 37.3% from last month, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 --
N/A
2 $180K$189K
+5.0%
3 $267.5K$289K
+8.0%
4 $380K$444K
+16.8%
5+ $533.1K$749.9K
+40.7%

Summary: Pelham housing prices by bedroom type for September 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 40.7%.

Median Sold Price Compared To Nearby Cities

Pelham
+37.3%
Alabaster-Helena
-2.1%
Hoover
-3.1%
Indian Springs Village
-7.4%
Alabaster
-8.0%

Housing Supply in Pelham, AL

How many homes are available in Pelham, AL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
120137+14.2%

Summary: The Pelham real estate market had 137 homes for sale in September 2024, a 14.2% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 1017
+70.0%
3 3441
+20.6%
4 5961
+3.4%
5+ 1718
+5.9%

Summary: The Pelham housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 70%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 5.9%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
2125+19.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Pelham, expect to pay close to the asking price. 44% of homes here sold near the asking price last month.

Summary: A total of 25 homes were sold or pending in Pelham in September 2024, up by 19.0% month-over-month. Of the 25 sold homes, 40% were sold under asking, 44% were sold at asking, and 16% were sold over asking.

Days on Market for Pelham, AL

How long does it take to sell a home in Pelham, AL?

Average Sale Time

Aug 2024Sep 2024CHANGE
37 Days41 Days+12.3%

Summary: Homes in Pelham had an average of 41 days on market in Sep 2024, up by 12.3% compared to last month.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Pelham are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 25 homes were sold in Pelham; 60% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 15 Days Ago

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