The latest trends that happened in Q1 2023 in the Birmingham market.
As we approach the end of the first quarter of 2023, we’ve seen some interesting changes in the Birmingham real estate market.
Compared to the same period last year, there are fewer homes selling, with a 17% decline in sales. Additionally, it is taking longer to sell a house, with an average of 36 days compared to 21 days last year, marking a 70% increase in the time to sell.
However, there is good news for sellers, as prices are continuing to rise. In the first quarter of 2023, prices increased by 3% compared to the same period in 2022. While this increase may not be as significant as in previous years, it is a positive sign that the market remains strong.
As for new listings, we saw a 19% decrease in homes coming on the market for sale this year compared to last year. This explains the lower number of sales, as there are simply fewer homes available for purchase.
For buyers, this means there is a little more breathing room to make decisions, with houses taking longer to sell. On the other hand, sellers can take advantage of historically low inventory and rising prices to maximize their return on investment.
Overall, the Birmingham real estate market is still strong. If you have any questions or want more information, please don’t hesitate to reach out to me via email or text. I’d love to be your real estate resource.