We may have waved good-bye to 2020, but the news of the past year can help us understand what to expect in the current one. Whether you’re gearing up to sell or you want to buy, you’ll want to know about Alabama’s Q4 2020 residential report from the Alabama Center for Real Estate (ACRE). To make things easier, we’ve summarized the details. So, read on to learn how the statewide market is faring!
Quicker Sales
You don’t want your home to languish on the market. Good news: quicker sales seem to be the trend. Homes spent just 66 days on the market on average in 2020. That’s down from 89 days in 2019. It’s also about a full month faster!
Rising Average Sales Prices
Compared Q4 in 2019, the average sales price in 2020 grew by 17.3 percent. That’s a big deal! It shows that even with the unpredictable year we went through, the residential home market is thriving.
The Average Sales Price
Wondering what the average sales price was statewide in the last quarter of 2020? A cool $233,059.
Rising Median Prices
Median prices have also experienced growth. That should reassure you if want to confirm that your home continues to appreciate in value. From Q4 of 2019 to 2020, median sales prices rose by 15.4 percent.
The Median Sales Price
In Alabama, the median sales price in Q4 of 2020 was $195,176. Not too shabby!
Decreased Competition for Sellers—and More for Buyers
The fewer homes on the market, the more sellers can leverage their properties. Buyers, on the other hand, will have to work harder to stand out among the pack. This past year, the number of homes on the market dropped by 33.8 percent.
More and More Sales
Did someone order a bit of extra encouragement? Well, in 2020, the Alabama real estate market experienced a growth in residential sales. They went from 14,962 closed transactions in Q4 of 2019 to 18,957 in 2020. That means they grew by 26.7 percent!
Summary
It’s a new year—and a new quarter. Not to mention, it’s also a new day for you to succeed! Let Ryan Roberts turn your sale or purchase into the next success story on the market here. Finally, learn more about real estate trends, strategies, and home care on our blog.
