According to a study by Stacker, an internet news source, Alabama is home to three of the top 50 cities in the U.S. in which houses stay on the market longest.
“Many homeowners are reluctant to surrender their current, locked-in, lower mortgage rates in order to purchase a new home with the current higher rates,” said Jeremy Walker, CEO of Alabama Realtors. “Until the Federal Reserve provides relief in the form of rate cuts, Alabama and other states will continue to battle the same economic headwinds that have plagued the industry for the last year.”
Alabama Realtors also said home sales in Alabama dropped in January, the seventh consecutive month of decline. There were 4,686 home sales in January, a 42.1% decrease year-over-year and the lowest sold dollar volume recorded in 5 years.
The three Alabama cities placed in the top fifty along with their various housing market statistics were:
- No. 13 – Birmingham
Median days on market: 70
Median sale price: $265,000
Total homes sold: 693
- No. 28 – Huntsville
Median days on market: 64
Median sale price: $322,185
Total homes sold: 487
- No. 29 – Daphne
Median days on market: 64
Median sale price: $364,500
Total homes sold: 379
Nationally, the median number of days a home spent on the market in January was 49, three days longer than January 2023.
According to Realtors, slowing home sales can indicate a given market is more buyer-friendly. It can also signal a mismatch between prospective home buyers’ purchasing power and market conditions.
Austen Shipley is a staff writer for Yellowhammer News.
