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2020 Tuscaloosa Area Housing Market Trends

2020 was definitely an odd year for real estate in Tuscaloosa, but with a neat twist. Interest rates reached historic lows and many people found themselves in the position to finally be able to purchase a home. Lower interest rates were also great for current homeowners who were looking to sell because more buyers were available. However, with low inventory and more buyers looking, Tuscaloosa’s housing market definitely favored sellers in 2020. 

For the Gray Group, 2020 was an excellent year. We surpassed our team goal and many of our agents reached their transaction goals. We had new agents do very well despite 2020 having so many uncertainties. 

Overall, 2020 was a positive year for the Tuscaloosa housing market. Take a look at our quick stats below for more information.

Total Residential Sales

Tuscaloosa residential sales during 2020 totaled 3,131 units, representing an increase of 13.6 percent when compared to 2,756 units sold in 2019.

Average Sales Price

The average sales price in Tuscaloosa during 2020 was $248,221, an 11.5 percent increase from 2019’s average sales price of $222,577.

Days on Market (DOM)

The average number of days on market in 2020 was 52 days, representing a decrease of 7 percent from 56 days on market in 2019. 

Median List Price

The median list price for residential listings in 2020 was $215,000, a 9.3 percent increase from 2019’s median list price of $194,900.

Homes Listed for Sale

Tuscaloosa’s average number of residential units available for sale decreased 9.8 percent when compared to 2019.

For 2021, we are hopeful that the low inventory issue we had in 2020 will resolve a bit. We expect families to possibly want a change of lifestyle. Families were spending more time at home in 2020 and because of this, families started looking for ways to adapt to their new lifestyle of being home more. Whether that was renovating and updating their home, or looking for a new one, homeowners were looking for a change. We expect this to carry over into 2021.  

Whatever 2021 brings, the Gray Group is ready to assist you with all of your real estate needs. 

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