As we step back into the office and look towards 2025, we find ourselves full of anticipation to see what this market will bring. We feel that the Birmingham market is poised for continued growth, as well as a stronger sense of balance between buyers and sellers – a crucial element for a sustainable market.
Across the nation, the National Associate of Realtors has reported great numbers for 2024. As of November, home sales grew 4.8%, the fastest pace since March. Home sales accelerated by 6.1% over the past year, the largest year-over-year gain since 2021. While we hope to see mortgage rates fall, consumers have adjusted to the “new normal” of rates settling in the 6-7% range. While more buyers get comfortable entering the market, we also saw national home prices rise by 4.7% in 2024.
Locally, the Birmingham market held strong. Our market is hyper localized and typically sets itself apart with stronger numbers than the national average. Here’s a look at the percent increase/decrease in number of homes sold and the average sales price across the markets we most frequently serve.
As a whole, the Birmingham MLS saw an average sales price increase by 4% over the past year, while home sales remained stable with just a -0.6% decrease.
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