Is Alabama, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Alabama was a Seller's Market.
Key Takeaway
Alabama is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Alabama, FL
How much do homes in Alabama, FL cost?
Median Sold Price
$312,736
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Alabama have sold for 14.3% more than they did a year ago.
Summary: The median home sold price in Alabama was $312,736 in March 2024, up 14.3% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $110K | $120K | +9.1% |
| 2 Bedrooms | $185K | $191K | +3.2% |
| 3 Bedrooms | $308K | $330K | +7.1% |
| 4 Bedrooms | $379.5K | $369.9K | -2.5% |
| 5+ Bedrooms | $385K | $525K | +36.4% |
Summary: Alabama housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 7.1%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes increased by 36.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Alabama | $273.5K | $312.7K | +14.3% |
| Eisenhower | $307K | $335K | +9.1% |
| Richmond | $335.2K | $349.9K | +4.4% |
| Parkdale | $334.5K | $342.2K | +2.3% |
Housing Supply in Alabama, FL
How many homes are available in Alabama, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 243 | 266 | +9.5% |
Summary: The Alabama real estate market had 266 homes for sale in March 2024, a 9.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 50 | 55 | +10.0% |
| 3 Bedrooms | 111 | 125 | +12.6% |
| 4 Bedrooms | 78 | 79 | +1.3% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Alabama housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 38 | +52.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Alabama, you may be able to get a good deal. 44.7% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Alabama in March 2024, up by 52.0% month-over-month. Of the 38 sold homes, 45% were sold under asking, 32% were sold at asking, and 24% were sold over asking.
Days on Market for Alabama, FL
How long does it take to sell a home in Alabama, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 56 Days | +54.9% |
Summary: Homes in Alabama had an average of 56 days on market in Mar 2024, up by 54.9% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Alabama are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in Alabama; 47% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
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