Sales: According to the Tuscaloosa Association of Realtors, November home sales in the area decreased 27.2% year-over-year from 261 to 190 closed transactions. Sales increased 2.2% from October. Sales are down 7.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Tuscaloosa-area housing data, click here.

Inventory: November listings (523) decreased 1% from October and increased 23.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, the same as in October and up from 1.6 months in November 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply.

Pricing: The median sales price in November was $233,450, an increase of 1.5% from one year ago and a decrease of 6.7% from October. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in November averaged 49 days on the market, 14 days longer than in November 2021.

Forecast: November sales were 84 units, or 30.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 274 sales for the month, while actual sales were 190 units. ACRE forecast a total of 3,458 residential sales year-to-date, while there were 3,065 actual sales through November, a difference of 11.4%.

New construction: The 16 new homes sold represented 8.4% of all residential sales in the area in November. Total sales decreased 40.7% year-over-year. The median sales price was $329,448, an increase of 11.5% from one year ago and 10.9% from October.

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The Tuscaloosa Residential Monthly Report is developed in connection with the Tuscaloosa Association of Realtors.