Q: What’s Going on in the Birmingham Housing Market?

The numbers for the September 2020 Birmingham metro are in. Take a look.

As we head toward the end of the year, demand still outpaces supply—our inventory is very tight right now and sellers are getting record prices for their homes with very few concessions.

The home sales rose by 3.2% between August and September. That same time last year, we had an increase of 17%.

The average sale price for September was $297,213. We sold 1,699 units in September, and our total inventory right now is 4,237 units, which constitutes a 2.5-month supply. In a balanced market, we have a six-month supply, so you can see that we’re still firmly in a seller’s market.

Our average days on market is 26 days, which means that homes are selling 14 days faster than they were last September.

“More homeowners have equity in their properties than ever before.”

We know that high demand and record prices are definitely benefiting our sellers, but there’s a third aspect that might affect the market come 2021: the number of homes in forbearance. We may see an influx of foreclosed homes next year. The good news, however, is that more homeowners have equity in their properties than ever before. That, in turn, means that they can sell their properties before they go into foreclosure. That will help keep the market strong. Also, low interest rates keep buyers in the market and push prices up for sellers.

If you’re thinking about selling your home and would like to know what your home could be worth in today’s market, click on the link ‘Home Valuation’ above and we’ll send you a custom home valuation. 

If you have any questions about listing your home or jumping into the real estate market, don’t hesitate to reach out to me. I have my finger on the pulse of the market and I’m happy to help you in any way that I can.