The Alabama REALTORS® Economic and Real Estate Report is a monthly statistics report produced by the Alabama REALTORS® and a team of economists. The numbers in this report are drawn from numerous government and proprietary data sources. This report came with two issues, the 2022 Annual Report and the December 2022 Monthly Report. Let’s take a look at some of the key takeaways from the 2022 Alabama Economic and Real Estate Report.
2022 Annual Report
According to Jeremy Walker, CEO of the Alabama Association of REALTORS®, “the fundamentals of Alabama’s real estate market remained strong in 2022 despite increasing challenges posed by interest rate hikes by the Federal Reserve, increased inflation and economic uncertainty.”
Some of the key takeaways from the 2022 Alabama Economic and Real Estate Report, the Annual Report issue, include home sales as well as median and average sales prices.
Some of the main points are below.
- Alabama had 107,592 home sales in 2022, a 17 percent decrease year over year from 2021.
- Median sales prices increased by $15,737, reaching $228,434 in 2022, a 7.4 percent increase from 2021.
- Average sales prices increased by .3 percent, reaching $255,181 in 2022, continuing the five-year trend of rising annual average sales prices.
- The total sold volume of homes was down $27.5 billion in 2022–a $5.5 billion decrease from 2021 yet $5.6 billion higher than 2019’s pre-pandemic total of $21.9 billion.
- Compared to 2021, the foreclosure rates have also increased. But they remain below the national average, with 4,999 properties experiencing foreclosure in 2022.
Overall, the real estate market seems to have normalized to the pre-pandemic levels that we last saw in 2019.
December 2022 Monthly Report
Looking at the December 2022 Monthly Report, we see that the trends seem to differ slightly from those of the 2022 Annual Report.
- In the month of December, Alabama had 7,984 home sales, a 21.9 percent decrease from 2,237 homes in December 2021 and a 10 percent decrease from 868 units in November 2022.
- Median sales prices increased by $4,871, reaching $223,083 compared to December 2021. Although the December 2022 median sales prices of $223,083 is a 3 percent decrease from November 2022.
- Average sales prices decreased by $15,128–a 5.6 percent decrease from December 2021. On the other hand, the December 2022 average sales prices increased by 2.7 percent compared to November 2022.
- The total sold volume of homes in December 2022 was $2 billion–a 25.9 percent decrease compared to December 2021 and a decrease of 9 percent from November 2022.
Summary
Learn more and dig deeper into key takeaways from the 2022 Alabama Economic and Real Estate Report by reading the full Annual Report and December Report.
Are you ready to take on the market? Contact Ryan Roberts for all your real estate needs. And for more real estate news and updates, continue reading our blogs.
