Montgomery, AL Metro Area Housing Market Overview - November 2024
The Montgomery, AL metro area housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales activity, and inventory levels. The Median Sales Price has risen to $246,268, marking a significant year-over-year increase of 7.1%. This upward trend in sales prices is mirrored by the Median List Price, which stands at $240,125, reflecting a more modest year-over-year growth of 2.2%.
Price Per Square Foot has also seen an upward trajectory, with the median Price Per Square Foot reaching $132.76, a 6.3% increase from the previous year. Similarly, the Median List Price per square foot has grown by 6.8%, now at $129.47. These figures indicate a robust demand for housing in the area, contributing to the overall appreciation in property values.
In terms of sales activity, the number of Homes Sold in November was 337, showing a slight year-over-year increase of 1.2%. Pending Sales have experienced a more substantial rise, up by 6.3% to 387, suggesting a healthy pipeline of transactions likely to close in the coming months. New Listings have surged by 14.8% year-over-year, totaling 388, which may help alleviate some pressure on the market by increasing available options for buyers.
Inventory levels have expanded significantly, with a 15.6% increase year-over-year, bringing the total inventory to 1,380 homes. This rise in inventory is reflected in the Months of Supply, which has jumped by 50.0% to 4.10 months. This increase suggests a shift towards a more balanced market, potentially easing the competitive conditions seen in previous months.
The Median Days on Market have increased by 9.0% to 62 days, indicating that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has decreased by 0.6% to 96.8%, and the percentage of Homes Sold above list price has dropped by 3.1% to 11.0%. These metrics suggest that while demand remains strong, buyers may have slightly more negotiating power than in the past.
Price Drops have become more common, with 18.8% of listings experiencing reductions, a 1.8% increase from the previous year. Additionally, the percentage of homes going off the market within two weeks has decreased slightly by 0.7% to 33.1%, indicating a slight cooling in the pace of transactions.
Overall, the Montgomery, AL metro area housing market in November 2024 is characterized by rising prices and increased inventory, with a moderate pace of sales activity. While demand remains robust, the market is showing signs of stabilization, offering a more balanced environment for both buyers and sellers.
