Twelve months can make a difference in the real estate market, and newly-shared data from the Alabama Association of Realtors leaves room for optimism in recent market movement versus statewide data observed a year ago.

Statewide, the residential housing market saw slight month-over month dips in key sectors such as total sales and median price during the month of April, the association noted in data it released this week. But the market “remains strong when compared to the same period in 2024,” it added.

Last month, the 5,791 home sales recorded statewide “signaled a slight 6.8% decrease from March, but it represented a 10.8% increase year-over-year when compared with April of 2024,” the association said. “Likewise, the median home price in April was $224,967, a 13.3% increase compared to one year ago, but a slight 2.2% decrease when juxtaposed with March.”

The seasonal timing of the new data suggests Alabama’s residential market could strengthen as summer approaches.

“The slight sales dip in April may be tied to negative attitudes regarding the national economy, but late spring and early summer are usually months for increasing home sales activity in Alabama,” said Alabama Realtors economist Evan Moore via a release. “Even if economic pessimism continues to dampen sales, the numbers in coming months should be higher than the same period in recent years.”

Moore also noted that the Index of Consumer Sentiment declined slightly in May, its “fifth consecutive month of decline and the lowest value in almost three years.” But, the group added, the economy “remains stable” statewide holding at 3.3 percent unemployment for a seventh consecutive month — well below the 4.2% national unemployment rate. Alabama rate of participation in the overall labor force also increased for a second consecutive month, reaching “its highest level since March of 2019,” the group stated.

Here are additional findings shared in the new April 2024 data shared by the Alabama Association of Realtors:

The sold volume across the state, which is the total value of homes closed, was $1.54 billion in April, a significant 30.5% increase over last year but a 3.1% decrease month-over-month.
The average home sale price in April of $265,232 also reflected a 17.8% increase over last year, and the state’s 19,144 active listings at the end of April were 27% higher than the 15,072 of one year ago, which provides buyers with ample selection and inventory.
Last measured at 6.81% on May 15, the average 30-year fixed mortgage rate is lower than the 7.13% of the same time in 2024 and has remained below last year’s levels for each of the past four weeks.
At an average of 57 days, homes in Alabama remained on the market for four fewer days in April compared to March, and economists predict little change in the near future under the current financial atmosphere.
The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of Realtors. View the full monthly and annual reports here.