The most valuable tool one can possess is information, and Alabama Association of REALTORS® makes information in the form of timely market data and expert analysis
readily available to its members. Each month and annually the Alabama Association of
REALTORS®, in partnership with their team of economists, produces a statistics
summary known as the Alabama Economic and Real Estate Report.

This free resource offers concise real estate data and charts that allow REALTORS to become experts on the marketing conditions in Alabama.

With the help of the Alabama Economic and Real Estate Report one can see real estate improvements and can incorporate market data through various ways including: impressing potential listing clients; educating sellers on market conditions affecting the pricing of their home and expectations for days on market; helping buyers make informed offers; and boosting your marketing strategies with downloadable graphics featuring up-to-date housing market data.

The numbers and figures provided in the Alabama Economic and Real Estate Report are drawn from numerous credible government and proprietary data sources that best represent the market at the time of release. Additionally, the report is reader friendly by providing analysis in layman’s terms with minimal industry jargon. This timely information can boost clients confidence in listing or buying as they learn what to expect in terms of price and potential offers.

There are helpful graphics provided to make the information easier to digest as well.
Additionally, the Alabama Association of REALTORS® downloadable graphics in
conjunction with the Alabama Economic and Real Estate Report enhances social media posts while engaging potential clients with relevant information about changes and improvements in sales prices, days on market, sales volume, and active listings.

The immediacy of being able to post this information is valuable. By adding market graphics to social media posts you can communicate quickly and effectively. Likewise, these graphics are easy to personalize with comments that show your clients that you are up-to-date on market conditions. The graphics are ideal for linking to a website for more information as well which provides an additional means of marketing.

One can find the Alabama Economic and Real Estate Report available just after the 20th of each month. As new data emerges Alabama Association of REALTORS® occasionally updates to provide the most up-to-date figures and most recent information. It’s most convenient to bookmark the link, and set up a reminder of each release on a calendar. By taking time each month to download and read the report one can become empowered with knowledge that will benefit real estate business.

After all, any tool is only effective if it’s used.

The most valuable tool one can possess is information, and Alabama Association of REALTORS® makes information in the form of timely market data and expert analysis
readily available to its members. Each month and annually the Alabama Association of
REALTORS®, in partnership with their team of economists, produces a statistics
summary known as the Alabama Economic and Real Estate Report.

This free resource offers concise real estate data and charts that allow REALTORS to become experts on the marketing conditions in Alabama.

With the help of the Alabama Economic and Real Estate Report one can see real estate improvements and can incorporate market data through various ways including: impressing potential listing clients; educating sellers on market conditions affecting the pricing of their home and expectations for days on market; helping buyers make informed offers; and boosting your marketing strategies with downloadable graphics featuring up-to-date housing market data.

“I like to use the AAR report monthly to get a better idea of where the market is going,” said Stacie Lecroy, Owner and Real Estate Broker of The Talons Group in Auburn.

The numbers and figures provided in the Alabama Economic and Real Estate Report are drawn from numerous credible government and proprietary data sources that best represent the market at the time of release. Additionally, the report is reader friendly by providing analysis in layman’s terms with minimal industry jargon. This timely information can boost clients confidence in listing or buying as they learn what to expect in terms of price and potential offers.

There are helpful graphics provided to make the information easier to digest as well.
Additionally, the Alabama Association of REALTORS® downloadable graphics in
conjunction with the Alabama Economic and Real Estate Report enhances social media posts while engaging potential clients with relevant information about changes and improvements in sales prices, days on market, sales volume, and active listings.

The immediacy of being able to post this information is valuable. By adding market graphics to social media posts you can communicate quickly and effectively. Likewise, these graphics are easy to personalize with comments that show your clients that you are up-to-date on market conditions. The graphics are ideal for linking to a website for more information as well which provides an additional means of marketing.

One can find the Alabama Economic and Real Estate Report available just after the 20th of each month. As new data emerges Alabama Association of REALTORS® occasionally updates to provide the most up-to-date figures and most recent information. It’s most convenient to bookmark the link, and set up a reminder of each release on a calendar. By taking time each month to download and read the report one can become empowered with knowledge that will benefit real estate business.

After all, any tool is only effective if it’s used.

Sustainability and resiliency in homeownership are growing real estate trends.
Thoughtful home design offers buyers the opportunity for longevity and savings, but
where does one begin?

Ensuring homes can withstand major events by using durable materials limits waste
overtime. Getting into the nitty gritty for buyers can be overwhelming, that’s why hiring a
REALTOR ® is key. Expert REALTORS ® can help homebuyers navigate more than just
the list price of the home, but the overall cost of ownership as well.

Luke Williams with The Williams Group says “by keeping sustainability in mind, when
buying a home or building our homes, we are not only deciding how we impact the
planet but at times how we are impacting our wallet. Buying a home with more
sustainable windows, roofing, or even buying local materials can greatly affect power
usage, emissions from shipping, and more.”

As the market for real estate remains competitive, nuances are key to negotiating the
best purchase price for now and for the future. Additional ways homeowners can cut
costs with sustainability is by purchasing homes in neighborhoods with smart uses of
space like shared green spaces or gardens.

Hoover’s Knox Square, built by Signature Homes, strives to do this in its “urban meets suburban” layout that forgoes streets for shared green space in the front of homes with accessible alleyways in the back to keep traffic flowing. The shared green spaces cut costs for homeowners when it comes to landscaping maintenance.

When using a REALTOR ® “who is sustainability-minded, they will help you find a home
that saves you money and also helps lower your environmental footprint. It’s a win-win,”
says Williams.

Chief Executive Officer of the National Association of REALTORS® (NAR), Bob Goldberg is expected to speak at NAR’s Sustainability Summit in September. This summit provides an opportunity to explore progress and market transformation related to sustainability so that REALTORS® nationally are among the most up-to-date and educated representatives in their communities.

1. Buy in a safe location

Safe Wise released a study this year combatting property crime rates by dissecting fear vs. reality. In this study, they named the top 20 safest cities in Alabama. Alabama REALTORS^® throughout the state provide geographic expertise in these cities to help buyers find a home they will feel comfortable in.

2. Don’t get lazy with home security

The National Association of Realtors^® conducted a survey post-COVID to analyze the impact on home security. While 42% of homeowners reported concerns over their home security, there were an increasing number of bad habits formed during the pandemic that has caused a lack of safety precautions in the last year. There are a number of measures homeowners can take while at home or away:

• Leaving windows and doors closed and locked
• Ask your neighbors to check up on your property
• Leaving a light on
• Refrain from posting locations on social media
• Install and monitor smart-home technology features like an alarm, doorbell camera, etc

3. Know your neighbors

Community is an essential part of home safety and comfort. Tracey Hawkins, a safety and security expert with the National Association of Realtors^® stated:

“Many people don’t really know their neighbors; it’s more than just saying hi and being friendly. Invite them over to see your home … Then they’ll know who is and isn’t supposed to be at your home and can better assess when there may be a threat while you’re gone.”

Not only does getting to know your neighbors provide them with familiarity about who should and should not be lurking around your home, but it also creates a sense of comradery within neighborhoods, encouraging homeowners to maintain their surroundings for the good of others. A well-kept space does many things to keep your home safe. The Center for Public Safety Initiatives provided thorough research on Crime Prevention through Environmental Design stating, “It lets others know that the property is subject to constant traffic and use and that a well-maintained property means other deterrents will be immediately visible.”

4. Start with an expert

Alabama REALTORS^® can provide expertise in all areas of home security and community safety. For first-time homeowners, transplants, and even experienced investors, a representative is important for staying up to date with the most recent data points for your areas of interest. They can also get you connected to the best information and resources for keeping your home secure and finding a safe location.

1. Buy in a safe location

Safe Wise released a study this year combatting property crime rates by dissecting fear vs. reality. In this study, they named the top 20 safest cities in Alabama. Alabama REALTORS^® throughout the state provide geographic expertise in these cities to help buyers find a home they will feel comfortable in.

2. Don’t get lazy with home security

The National Association of Realtors^® conducted a survey post-COVID to analyze the impact on home security. While 42% of homeowners reported concerns over their home security, there were an increasing number of bad habits formed during the pandemic that has caused a lack of safety precautions in the last year. There are a number of measures homeowners can take while at home or away:

• Leaving windows and doors closed and locked
• Ask your neighbors to check up on your property
• Leaving a light on
• Refrain from posting locations on social media
• Install and monitor smart-home technology features like an alarm, doorbell camera, etc

3. Know your neighbors

Community is an essential part of home safety and comfort. Tracey Hawkins, a safety and security expert with the National Association of Realtors^® stated:

“Many people don’t really know their neighbors; it’s more than just saying hi and being friendly. Invite them over to see your home … Then they’ll know who is and isn’t supposed to be at your home and can better assess when there may be a threat while you’re gone.”

Not only does getting to know your neighbors provide them with familiarity about who should and should not be lurking around your home, but it also creates a sense of comradery within neighborhoods, encouraging homeowners to maintain their surroundings for the good of others. A well-kept space does many things to keep your home safe. The Center for Public Safety Initiatives provided thorough research on Crime Prevention through Environmental Design stating, “It lets others know that the property is subject to constant traffic and use and that a well-maintained property means other deterrents will be immediately visible.”

4. Start with an expert

Alabama REALTORS^® can provide expertise in all areas of home security and community safety. For first-time homeowners, transplants, and even experienced investors, a representative is important for staying up to date with the most recent data points for your areas of interest. They can also get you connected to the best information and resources for keeping your home secure and finding a safe location.

1. Buy in a safe location

Safe Wise released a study this year combatting property crime rates by dissecting fear vs. reality. In this study, they named the top 20 safest cities in Alabama. Alabama REALTORS^® throughout the state provide geographic expertise in these cities to help buyers find a home they will feel comfortable in.

2. Don’t get lazy with home security

The National Association of Realtors^® conducted a survey post-COVID to analyze the impact on home security. While 42% of homeowners reported concerns over their home security, there were an increasing number of bad habits formed during the pandemic that has caused a lack of safety precautions in the last year. There are a number of measures homeowners can take while at home or away:

• Leaving windows and doors closed and locked
• Ask your neighbors to check up on your property
• Leaving a light on
• Refrain from posting locations on social media
• Install and monitor smart-home technology features like an alarm, doorbell camera, etc

3. Know your neighbors

Community is an essential part of home safety and comfort. Tracey Hawkins, a safety and security expert with the National Association of Realtors^® stated:

“Many people don’t really know their neighbors; it’s more than just saying hi and being friendly. Invite them over to see your home … Then they’ll know who is and isn’t supposed to be at your home and can better assess when there may be a threat while you’re gone.”

Not only does getting to know your neighbors provide them with familiarity about who should and should not be lurking around your home, but it also creates a sense of comradery within neighborhoods, encouraging homeowners to maintain their surroundings for the good of others. A well-kept space does many things to keep your home safe. The Center for Public Safety Initiatives provided thorough research on Crime Prevention through Environmental Design stating, “It lets others know that the property is subject to constant traffic and use and that a well-maintained property means other deterrents will be immediately visible.”

4. Start with an expert

Alabama REALTORS^® can provide expertise in all areas of home security and community safety. For first-time homeowners, transplants, and even experienced investors, a representative is important for staying up to date with the most recent data points for your areas of interest. They can also get you connected to the best information and resources for keeping your home secure and finding a safe location.

We chatted with Sid Pugh, North Alabama REALTOR® and local broker of The Pugh Group,  to gain insight on the Alabama market and learn how buyers can take their best shot at winning a contract.

“Inventory of homes on the market is still very low in most areas. Nationwide we are over 5 million homes short of meeting demand which tends to push values up on the existing supply. It is all about what we learned in high school economics – supply and demand.

“In our current market, we are still seeing some multiple offers. I’m not talking about 10 to 15 offers like we experienced in 2022, but we may get three to five offers on a nice home in a good neighborhood.

“When making an offer in the current market conditions, you still need to structure your offer to give yours the greatest chance of being accepted – especially if this home meets most of the requirements and needs for your family.”

Make your offer more attractive to sellers with these six tips from Sid:

1. Have your financing in place and submit a copy of the pre-approval letter with your offer. Put down a good amount as earnest money based on your agent’s recommendation.
2. Put as few contingencies in your offer as you can. If you have to make your offer contingent on your current home being sold then you should have it on the market. This shows that you are serious and making an effort to get it sold.
3. Let the seller know that you are not going to be picky about minor findings on the inspection report. I always recommend doing a home inspection to include a radon inspection. However, you can state that the home inspection is for major defects and hazardous conditions only.
4. Have your agent ask the seller’s agent what is important to the seller. For example, when is the best time frame for them to close? Do the sellers need to close and retain possession for a week to close and move into their new home?
5. Flip the script! Try to put yourself in the shoes of the seller and look at things from their point of view. Moving is a stressful time for all parties and it needs to be a win-win for both sides of the transaction.
6. Stay calm. Things will happen during this process but the best thing to do is keep your focus on the ultimate goal of moving your family into their new home.

We chatted with Sid Pugh, North Alabama REALTOR® and local broker of The Pugh Group,  to gain insight on the Alabama market and learn how buyers can take their best shot at winning a contract.

“Inventory of homes on the market is still very low in most areas. Nationwide we are over 5 million homes short of meeting demand which tends to push values up on the existing supply. It is all about what we learned in high school economics – supply and demand.

“In our current market, we are still seeing some multiple offers. I’m not talking about 10 to 15 offers like we experienced in 2022, but we may get three to five offers on a nice home in a good neighborhood.

“When making an offer in the current market conditions, you still need to structure your offer to give yours the greatest chance of being accepted – especially if this home meets most of the requirements and needs for your family.”

Make your offer more attractive to sellers with these six tips from Sid:

1. Have your financing in place and submit a copy of the pre-approval letter with your offer. Put down a good amount as earnest money based on your agent’s recommendation.
2. Put as few contingencies in your offer as you can. If you have to make your offer contingent on your current home being sold then you should have it on the market. This shows that you are serious and making an effort to get it sold.
3. Let the seller know that you are not going to be picky about minor findings on the inspection report. I always recommend doing a home inspection to include a radon inspection. However, you can state that the home inspection is for major defects and hazardous conditions only.
4. Have your agent ask the seller’s agent what is important to the seller. For example, when is the best time frame for them to close? Do the sellers need to close and retain possession for a week to close and move into their new home?
5. Flip the script! Try to put yourself in the shoes of the seller and look at things from their point of view. Moving is a stressful time for all parties and it needs to be a win-win for both sides of the transaction.
6. Stay calm. Things will happen during this process but the best thing to do is keep your focus on the ultimate goal of moving your family into their new home.

We chatted with Sid Pugh, North Alabama REALTOR® and local broker of The Pugh Group,  to gain insight on the Alabama market and learn how buyers can take their best shot at winning a contract.

“Inventory of homes on the market is still very low in most areas. Nationwide we are over 5 million homes short of meeting demand which tends to push values up on the existing supply. It is all about what we learned in high school economics – supply and demand.

“In our current market, we are still seeing some multiple offers. I’m not talking about 10 to 15 offers like we experienced in 2022, but we may get three to five offers on a nice home in a good neighborhood.

“When making an offer in the current market conditions, you still need to structure your offer to give yours the greatest chance of being accepted – especially if this home meets most of the requirements and needs for your family.”

Make your offer more attractive to sellers with these six tips from Sid:

1. Have your financing in place and submit a copy of the pre-approval letter with your offer. Put down a good amount as earnest money based on your agent’s recommendation.
2. Put as few contingencies in your offer as you can. If you have to make your offer contingent on your current home being sold then you should have it on the market. This shows that you are serious and making an effort to get it sold.
3. Let the seller know that you are not going to be picky about minor findings on the inspection report. I always recommend doing a home inspection to include a radon inspection. However, you can state that the home inspection is for major defects and hazardous conditions only.
4. Have your agent ask the seller’s agent what is important to the seller. For example, when is the best time frame for them to close? Do the sellers need to close and retain possession for a week to close and move into their new home?
5. Flip the script! Try to put yourself in the shoes of the seller and look at things from their point of view. Moving is a stressful time for all parties and it needs to be a win-win for both sides of the transaction.
6. Stay calm. Things will happen during this process but the best thing to do is keep your focus on the ultimate goal of moving your family into their new home.

“We’re not just selling homes, we’re shaping our communities.” According to Arc Realty Co. South, “agents had a great day celebrating the real estate industry” at REALTOR^® Day at the Capitol.

This year was uniquely special as Gov. Kay Ivey signed a proclamation declaring March 14 as “REALTOR Day” in Alabama.

The event featured a Political Panel with Todd Stacy, Senate President Pro Tem Greg Reed, and Senator Minority Leader Bobby Singleton as well as an Economic Development discussion with Liz Bogie and Secretary Gregg Canfield.

Conversations praised the hard work of REALTORS^®, including them being among the best champions of economic development in the state. The relationship between REALTORS^® and their communities has a far larger impact than simply selling a house. To families and future families, a REALTORS^®  number one job is to sell the community, the meaningful impact of making a home, and the lasting economic potential of each part of the state.

Additionally, Mecca Musick, Paul Pinvan, and Russell Davis who participated in a Lawsuit Abuse Panel, were inspired by the day’s conversations.

Musick of 256 Today told Yellowhammer, “The Realtors Day event generates vital discussions with Alabama’s political and business leaders. As Secretary of Commerce Gregg Canfield stated at the event, ‘REALTORS^® know our communities and their needs more than anyone.’”

A highlight of the event was Keynote speaker Dr. Kimberly Robinson of the U.S. Space & Rocket Center. Robinson’s focus was on the Space Center’s ability to generate the highest amount of tourism revenue in the state, and how the number one attraction can work alongside REALTORS^® to turn guests into residents.

Robinson stated, “while the Rocket Center works to bring people in, you all are the force making this place a home. You help people see the value in the rich culture, robust economy, and remarkably low cost of living in our state. Thank you all for the work you do to turn Alabama guests into state residents and to retain the folks like me who have always called this their home.”

Finishing their day in Montgomery, Alabama REALTORS^® were recognized on the Senate floor and were able to visit with their Legislative leaders at the Alabama State House. The celebratory day was capped off with fellow REALTORS^®  and members of the Legislature at the annual reception. Cocktails, hors oeuvres, and live music were present to thank attendees for the hard work cultivated by Alabama REALTORS^® throughout the year.

“We’re not just selling homes, we’re shaping our communities.” According to Arc Realty Co. South, “agents had a great day celebrating the real estate industry” at REALTOR^® Day at the Capitol.

This year was uniquely special as Gov. Kay Ivey signed a proclamation declaring March 14 as “REALTOR Day” in Alabama.

The event featured a Political Panel with Todd Stacy, Senate President Pro Tem Greg Reed, and Senator Minority Leader Bobby Singleton as well as an Economic Development discussion with Liz Bogie and Secretary Gregg Canfield.

Conversations praised the hard work of REALTORS^®, including them being among the best champions of economic development in the state. The relationship between REALTORS^® and their communities has a far larger impact than simply selling a house. To families and future families, a REALTORS^®  number one job is to sell the community, the meaningful impact of making a home, and the lasting economic potential of each part of the state.

Additionally, Mecca Musick, Paul Pinvan, and Russell Davis who participated in a Lawsuit Abuse Panel, were inspired by the day’s conversations.

Musick of 256 Today told Yellowhammer, “The Realtors Day event generates vital discussions with Alabama’s political and business leaders. As Secretary of Commerce Gregg Canfield stated at the event, ‘REALTORS^® know our communities and their needs more than anyone.’”

A highlight of the event was Keynote speaker Dr. Kimberly Robinson of the U.S. Space & Rocket Center. Robinson’s focus was on the Space Center’s ability to generate the highest amount of tourism revenue in the state, and how the number one attraction can work alongside REALTORS^® to turn guests into residents.

Robinson stated, “while the Rocket Center works to bring people in, you all are the force making this place a home. You help people see the value in the rich culture, robust economy, and remarkably low cost of living in our state. Thank you all for the work you do to turn Alabama guests into state residents and to retain the folks like me who have always called this their home.”

Finishing their day in Montgomery, Alabama REALTORS^® were recognized on the Senate floor and were able to visit with their Legislative leaders at the Alabama State House. The celebratory day was capped off with fellow REALTORS^®  and members of the Legislature at the annual reception. Cocktails, hors oeuvres, and live music were present to thank attendees for the hard work cultivated by Alabama REALTORS^® throughout the year.

“We’re not just selling homes, we’re shaping our communities.” According to Arc Realty Co. South, “agents had a great day celebrating the real estate industry” at REALTOR^® Day at the Capitol.

This year was uniquely special as Gov. Kay Ivey signed a proclamation declaring March 14 as “REALTOR Day” in Alabama.

The event featured a Political Panel with Todd Stacy, Senate President Pro Tem Greg Reed, and Senate Minority Leader Bobby Singleton as well as an Economic Development discussion with Liz Bogie and Commerce Secretary Gregg Canfield.

Conversations praised the hard work of REALTORS^®, including them being among the best champions of economic development in the state. The relationship between REALTORS^® and their communities has a far larger impact than simply selling a house. To families and future families, a REALTORS^®  number one job is to sell the community, the meaningful impact of making a home, and the lasting economic potential of each part of the state.

Additionally, Mecca Musick, Paul Pinvan, and Russell Davis who participated in a Lawsuit Abuse Panel, were inspired by the day’s conversations.

Musick of 256 Today told Yellowhammer, “The Realtors Day event generates vital discussions with Alabama’s political and business leaders. As Secretary of Commerce Gregg Canfield stated at the event, ‘REALTORS^® know our communities and their needs more than anyone.’”

A highlight of the event was Keynote speaker Dr. Kimberly Robinson of the U.S. Space & Rocket Center. Robinson’s focus was on the Space Center’s ability to generate the highest amount of tourism revenue in the state, and how the number one attraction can work alongside REALTORS^® to turn guests into residents.

Robinson stated, “while the Rocket Center works to bring people in, you all are the force making this place a home. You help people see the value in the rich culture, robust economy, and remarkably low cost of living in our state. Thank you all for the work you do to turn Alabama guests into state residents and to retain the folks like me who have always called this their home.”

Finishing their day in Montgomery, Alabama REALTORS^® were recognized on the Senate floor and were able to visit with their Legislative leaders at the Alabama State House. The celebratory day was capped off with fellow REALTORS^®  and members of the Legislature at the annual reception. Cocktails, hors oeuvres, and live music were present to thank attendees for the hard work cultivated by Alabama REALTORS^® throughout the year.

If knowledge is power, the Alabama Association of Realtors is putting that power right into consumer’s hands with the release of the “Alabama Economic and Real Estate Report”, a monthly source for statewide market statistics.

Published monthly and annually, the AAR has recently released two issues – the 2022 Annual Report and the December 2022 Monthly Report.

The report provides a wide-range of data and statistics that measure the overall health of Alabama’s economy, provides insights into Alabama’s job market, and all types of valuable real estate information like factors affecting home prices in Alabama; tracking housing inventory; foreclosure rates; debt-to-income and mortgage-servicing costs-to-income ratios; to name a few.

Jeremy Walker, CEO of the AAR, said the reports show that the fundamentals of Alabama’s real estate market remained strong in 2022 and are expected to remain that way into 2023, despite increasing challenges posed by interest rate hikes by the Federal Reserve, increased inflation, and economic uncertainty.

“The real estate market has normalized to pre pandemic levels last seen in 2019,” said Walker. “Alabama’s economy and real estate market have been resilient and remain well positioned to capitalize on increasing job growth, low unemployment, and an influx of people moving to our state in search of economic opportunity and a higher quality of life.”

National Association of Realtors’ statistics show that real estate accounts for nearly 17% of GDP, making it a major driver of the U.S. economy.

Alabama’s real estate markets, however, do not necessarily follow national trends. With the explosive growth of people coming to Alabama for job opportunities and seeking a higher quality of life, the Alabama Realtors report accurately reflects the economic impact real estate has on Alabama specifically, providing a more accurate picture of the state’s real estate market versus the national stats.

Now, commercial and residential real estate investors looking to expand into Alabama can find the most current information about market trends, rises and drops in home sales, and increases and decreases in sales volume, etc.

If you are moving to Alabama due to a job transfer or looking for a higher, safer quality of life and economic freedom, the new report helps residents and real estate professionals make better decisions about their real estate needs, based on real statewide tracking and data analyses.

Furthermore, the numbers and figures in these reports are drawn from numerous government and proprietary data sources and they represent best estimates at the time of release. However, as new data emerges, the Alabama Realtors will update the figures to reflect more recent information, giving real estate professionals valuable up-to-date data that can make a difference strategically and competitively.

The “Alabama Economic and Real Estate Report” is the go-to source for readers looking for that competitive edge in the state of Alabama.

Click here to view the full monthly and annual reports.

If knowledge is power, the Alabama Association of Realtors is putting that power right into consumer’s hands with the release of the Alabama Economic and Real Estate Report, a monthly source for statewide market statistics.

Published monthly and annually, the AAR has recently released two issues – the 2022 Annual Report and the December 2022 Monthly Report.

The report provides a wide-range of data and statistics that measure the overall health of Alabama’s economy, provides insights into Alabama’s job market, and all types of valuable real estate information like factors affecting home prices in Alabama; tracking housing inventory; foreclosure rates; debt-to-income and mortgage-servicing costs-to-income ratios; to name a few.

Jeremy Walker, CEO of the AAR, said the reports show that the fundamentals of Alabama’s real estate market remained strong in 2022 and are expected to remain that way into 2023, despite increasing challenges posed by interest rate hikes by the Federal Reserve, increased inflation, and economic uncertainty.

“The real estate market has normalized to pre pandemic levels last seen in 2019,” said Walker. “Alabama’s economy and real estate market have been resilient and remain well positioned to capitalize on increasing job growth, low unemployment, and an influx of people moving to our state in search of economic opportunity and a higher quality of life.”

The National Association of Realtors statistics show that real estate accounts for nearly 17% of GDP, making it a major driver of the U.S. economy.

Alabama’s real estate markets, however, do not necessarily follow national trends. With the explosive growth of people coming to Alabama for job opportunities and seeking a higher quality of life, the Alabama Relators’ report accurately reflects the economic impact real estate has on Alabama specifically, providing a more accurate picture of the state’s real estate market versus the national stats.

Now, commercial and residential real estate investors looking to expand into Alabama can find the most current information about market trends, rises and drops in home sales, and increases and decreases in sales volume, etc.

If you are moving to Alabama due to a job transfer or looking for a higher, safer quality of life and economic freedom, the new report helps residents and real estate professionals make better decisions about their real estate needs, based on real statewide tracking and data analyses.

Furthermore, the numbers and figures in these reports are drawn from numerous government and proprietary data sources and they represent best estimates at the time of release. However, as new data emerges, the Alabama Realtors will update the figures to reflect more recent information, giving real estate professionals valuable up-to-date data that can make a difference strategically and competitively.

The Alabama Economic and Real Estate Report is the go-to source for readers looking for that competitive edge in the state of Alabama.

Click here to view the full monthly and annual reports.

If knowledge is power, the Alabama Association of REALTORS® is putting that power right into consumer’s hands with the release of the Alabama Economic and Real Estate Report, a monthly source for statewide market statistics. 

Published monthly and annually, the AAR has recently released two issues – the 2022 Annual Report and the December 2022 Monthly Report.

The report provides a wide-range of data and statistics that measure the overall health of Alabama’s economy, provides insights into Alabama’s job market, and all types of valuable real estate information like factors affecting home prices in Alabama; tracking housing inventory; foreclosure rates; debt-to-income and mortgage-servicing costs-to-income ratios; to name a few.

Jeremy Walker, CEO of the AAR, said the reports show that the fundamentals of Alabama’s real estate market remained strong in 2022 and are expected to remain that way into 2023, despite increasing challenges posed by interest rate hikes by the Federal Reserve, increased inflation, and economic uncertainty. 

“The real estate market has normalized to pre pandemic levels last seen in 2019,” said Walker. “Alabama’s economy and real estate market have been resilient and remain well positioned to capitalize on increasing job growth, low unemployment, and an influx of people moving to our state in search of economic opportunity and a higher quality of life.”

The National Association of REALTORS® statistics show that real estate accounts for nearly 17% of GDP, making it a major driver of the U.S. economy.

Alabama’s real estate markets, however, do not necessarily follow national trends. With the explosive growth of people coming to Alabama for job opportunities and seeking a higher quality of life, the Alabama REALTORS® Report accurately reflects the economic impact real estate has on Alabama specifically, providing a more accurate picture of the state’s real estate market versus the national stats.

Now, commercial and residential real estate investors looking to expand into Alabama can find the most current information about market trends, rises and drops in home sales, and increases and decreases in sales volume, etc.

If you are moving to Alabama due to a job transfer or looking for a higher, safer quality of life and economic freedom, the new report helps residents and real estate professionals make better decisions about their real estate needs, based on real statewide tracking and data analyses.

Furthermore, the numbers and figures in these reports are drawn from numerous government and proprietary data sources and they represent best estimates at the time of release. However, as new data emerges, the Alabama REALTORS® will update the figures to reflect more recent information, giving real estate professionals valuable up-to-date data that can make a difference strategically and competitively.

The Alabama Economic and Real Estate Report is the go-to source for readers looking for that competitive edge in the state of Alabama.

Click here to view the full monthly and annual reports.

In 2018, the Alabama Association of Realtors led a legislative effort to create a First-Time Homebuyer Savings Account (FHSA) program.

The association recently revisited the legislation due to the approaching deadline of the program’s five-year sunset clause. Having a partaken in a call to action, the realtors community urged lawmakers to understand the importance of tax-free savings accounts for prospective homeowners.

Due to the association’s efforts, lawmakers not only renewed the program, but extended and bolstered it with fraud protections and transparency measures.

Four years ago, Alabama became one of the first states to establish an FHSA program. Leading the charge, the state affiliate partnered with the National Association of Realtors to conduct polling, economic research and legislative development.

As the five-year sunset clause approached, the association acted to not simply preserve the program, but to extend its benefits and increase its transparency and accountability.

The state’s original FHSA program enabled first-time buyers and second-chance buyers to hold $5,000 in tax-free annual savings ($10,000 for couples) in accounts to be utilized for down payments and closing costs.

The economic impact associated with the savings accounts resulted in a net positive for Alabama as a whole, due to the uptick in jobs and activity stemming from increased homeownership levels.

According to Alabama Association of Realtors President Jeremy Walker, the industry knew it would have to routinely promote the legislation’s renewal given that the state budget requires that all new tax-incentive and tax-credit legislation include a five-year sunset clause.

“We see this as a marathon, not a sprint,” said Walker, “and there was always going to be a big learning curve.”

The association took to action and launched a comprehensive, multi-level education and awareness campaign for lenders, brokers, and potential homebuyers when the program launched in 2019. Housing inventory and skyrocketing costs would soon negatively affect the market due to the COVID-related economic downturn.

“Not only were we facing the five-year sunset clause on the program,” noted Walker, “but these savings accounts were to be used within five years towards the purchase of a home; circumstances being what they are, that is no longer a realistic expectation.”

The Alabama Association of Realtors swiftly returned to legislative action to ensure that the terms were extended to enable the accounts to build for 10 years. This resulted in potential homebuyers being able to save money for an extended period of time and find a home.

The association, with assistance from the National Association of Realtor’s Advocacy Everywhere program, partook in an awareness campaign to stress the importance of bolstering the savings program.

“There’s a great tradition here in Alabama of our REALTORS® being extremely engaged in our legislative activity, it is always impactful when they make their voices heard,” said Walker. “That was certainly the case, this time!”

Having garnered bipartisan support, the bill passed both chambers in the Legislature and was signed into law by Gov. Kay Ivey in April.

In addition to extending the terms from five to 10 years and instituting fraud prevention measures, the renewed legislation enables the Department of Revenue to track and quantify when accounts are opened, and when the proceeds are used to purchase a home.

“We are so grateful to the National Association of REALTORS® and the REALTOR® Party staff for all the resources and expertise they put towards developing and passing the original draft of this important legislation, plus the educational outreach, and now, this renewal of the program. We could not have done it without their help,” said Walker.

The Alabama Association of REALTORS® serves as the voice of the real estate industry in Alabama and as the official advocate of Alabama’s multifaceted real estate industry before state, local, and federal government.

1. Get pre-approved

The 2022 real estate market proved to be incredibly competitive for buyers and sellers. While many lost out on dream homes, others made more profit than they thought possible. Especially with mortgage rates surpassing 7% for the first time in 20 years, it is critical to understand what price of a home you can afford before making any assumptions.

If you are a first-time home buyer you may be asking, what is a pre-approval?

The Mortgage Reports explains it like this:

“When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.”

Looking at 2023, as properties continue to bring in multiple offers, pre-approval will help signal that you are a serious buyer. A recent article from realtor.com notes:

“. . . getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it done as early as you possibly can in the home-buying process.”

As the market begins to shift, buyers are hopeful the bidding wars will ease, however, preapproval is still a critical part of making a strong offer.

2. Get the lowest mortgage rate possible

The higher the mortgage rate, the higher the monthly payment. While we know interest rates are up, it’s still in your best interest to consider your options and shop the lowest mortgage rate you possibly can. Forbes recently released 5 practical tips for getting the lowest mortgage rate possible. Here is a summary:

1. Credit score – the best mortgage rates go to borrowers with a credit score of 760 or higher.
2. Loan type – understand the different available loan types and where to shop for each of them. From fixed-rate to adjustable-rate mortgage (ARM) to government-insured loans, there are more options than you might think. Your local bank might also have portfolio loans or specific first-time home buyer loans that could provide a lower rate.
3. Debt-to-Income Ratio – DTI is calculated by lenders in order to approve or deny a loan application. The best way to lower your DTI percentage is to clear all debts prior to applying for a mortgage. Another options to lower your DTI could be to lower your interest rates on outstanding loans or shift them to a longer term.
4. Down payment – While there are many available financing options for all percentages of a down-payment, having 20% or more equity in the purchase of a home will help significantly with a lower mortgage rate.
5. Loan term – A longer loan term, like a standard 30-year, will offer a lower mortgage rate than a 15-year fixed loan. However, this is where ARM loans can be a viable option for a lower interest rate in the short-term.

Despite rising rates, Alabama real estate agent Luke Williams of The Williams Group advises buyers,

“Don’t let the rate scare you away from the perfect house. Prices always rise. The average is 4% a year increase. Buying the house now will cost you less than buying it in 2 years. You can refinance when rates are lower.”

3. Get an agent

An agent who understands the market you want to buy in is key to beating out the competition. Most experienced buyers and sellers understand an agent can optimize their profit and are the experts when it comes to creating offers that will incentivize sellers.

Sellers using agents has increased from 54% in 2019 to 77% in 2022. More than completing your contract work, agents are critical for staying educating on the home buying process, can provide an expert review of your home’s expected appraisal, access to advanced technology and a confident advocate for your best interest.

2023 is approaching quickly. If you had plans to invest in real estate for the first time, Williams encourages,

“If you’re a first-time homebuyer and can afford the payment and the costs to buy, BUY! It makes more since to pay down your own mortgage rather than rent and pay down someone else’s.”

Whether your first real estate purchase or your 50th, the rapidly changing market can appear intimidating, but with these three critical steps in mind, it looks like 2023 could still be your year.

New inventory mean more jobs for Realtors and (hopefully) better pricing for homebuyers. But what could it mean for developers and investors? Over the last year, low inventory has contributed to rising home prices across the state. We know that prices can soar due to demand in a desired area. And while it might be more expensive to break ground in one of these cities, it also could be a ripe opportunity for developers to cash-in on the demand.

Research done by Stacker takes a deeper look into 50 Alabama cities and their rising home prices. The top five cities from this list are listed below:

5. Owens Cross Roads

Considering Huntsville-Metro was just named the best US city to live in by US News & World Report, it’s not surprising that a surrounding suburb of the area has shown up high Stacker’s list.

In just one year, Owens Cross Roads saw a 22.9% increase in home pricing, making its typical home value $444,491. That is a 73.2% price increase over the last five years.

Also unsurprisingly, Alabama’s beautiful sandy beach towns can be found ranking number three and four on this list. The initial investment in these homes for developers could be more, but so could the payout, considering the short-term rental market is still thriving in 2022.

4. Gulf Shores

In the last year, Gulf Shores saw its typical home value increase 25.5% to $474,310. It’s five-year price increase coming in at an astounding 111.8%. But Gulf Shores isn’t the only Daphne-Fairhope-Foley Metro making the list.

3. Orange Beach

In one year, Orange Beach saw a 22.9% increase in home prices, taking its typical home value from five years ago, up 152.5% to $635,667.

2. Equality

In the last year, Equality’s average home price increased 21.5% making its typical home value, $726,102. That’s an increase of 60.7% from five years ago.

1. Mountain Brook

The typical home value in Mountain Brook, a Birmingham-Metro suburb, stands at $939,200. In the last year, pricing has increased an average of 16.4% and over the last five years has increased 46.6%.

New inventory mean more jobs for Realtors and (hopefully) better pricing for homebuyers. But what could it mean for developers and investors? Over the last year, low inventory has contributed to rising home prices across the state. We know that prices can soar due to demand in a desired area. And while it might be more expensive to break ground in one of these cities, it also could be a ripe opportunity for developers to cash-in on the demand.

Research done by Stacker takes a deeper look into 50 Alabama cities and their rising home prices. The top five cities from this list are listed below:

5. Owens Cross Roads

Considering Huntsville-Metro was just named the best US city to live in by US News & World Report, it’s not surprising that a surrounding suburb of the area has shown up high Stacker’s list.

In just one year, Owens Cross Roads saw a 22.9% increase in home pricing, making its typical home value $444,491. That is a 73.2% price increase over the last five years.

Also unsurprisingly, Alabama’s beautiful sandy beach towns can be found ranking number three and four on this list. The initial investment in these homes for developers could be more, but so could the payout, considering the short-term rental market is still thriving in 2022.

4. Gulf Shores

In the last year, Gulf Shores saw its typical home value increase 25.5% to $474,310. It’s five-year price increase coming in at an astounding 111.8%. But Gulf Shores isn’t the only Daphne-Fairhope-Foley Metro making the list.

3. Orange Beach

In one year, Orange Beach saw a 22.9% increase in home prices, taking its typical home value from five years ago, up 152.5% to $635,667.

2. Equality

In the last year, Equality’s average home price increased 21.5% making its typical home value, $726,102. That’s an increase of 60.7% from five years ago.

1. Mountain Brook

The typical home value in Mountain Brook, a Birmingham Metro suburb, stands at $939,200. In the last year, pricing has increased an average of 16.4% and over the last five years has increased 46.6%.

New inventory mean more jobs for Realtors and (hopefully) better pricing for homebuyers. But what could it mean for developers and investors? Over the last year, low inventory has contributed to rising home prices across the state. We know that prices can soar due to demand in a desired area. And while it might be more expensive to break ground in one of these cities, it also could be a ripe opportunity for developers to cash-in on the demand.

Research done by Stacker takes a deeper look into 50 Alabama cities and their rising home prices. The top five cities from this list are listed below:

5. Owens Cross Roads

Considering Huntsville-Metro was just named the best US city to live in by US News & World Report, it’s not surprising that a surrounding suburb of the area has shown up high Stacker’s list.

In just one year, Owens Cross Roads saw a 22.9% increase in home pricing, making its typical home value $444,491. That is a 73.2% price increase over the last five years.

Also unsurprisingly, Alabama’s beautiful sandy beach towns can be found ranking number three and four on this list. The initial investment in these homes for developers could be more, but so could the payout, considering the short-term rental market is still thriving in 2022.

4. Gulf Shores

In the last year, Gulf Shores saw its typical home value increase 25.5% to $474,310. Its five-year price increase coming in at an astounding 111.8%. But Gulf Shores isn’t the only Daphne-Fairhope-Foley Metro making the list.

3. Orange Beach

In one year, Orange Beach saw a 22.9% increase in home prices, taking its typical home value from five years ago, up 152.5% to $635,667.

2. Equality

In the last year, Equality’s average home price increased 21.5% making its typical home value, $726,102. That’s an increase of 60.7% from five years ago.

1. Mountain Brook

The typical home value in Mountain Brook, a Birmingham-Metro suburb, stands at $939,200. In the last year, pricing has increased an average of 16.4% and over the last five years has increased 46.6%.