2021 was one for the record books. The Tuscaloosa county housing market was booming, and we had the opportunity to help 602 clients make a move– our best year yet! It remained a seller’s market, but our agents were still able to find great homes for our buyers. We got creative identifying off-market properties to combat low inventory. Here are the main take-aways from the housing market in 2021 according to the Alabama Center for Real Estate.
Total Residential Sales: Tuscaloosa residential sales during 2021 totaled 3,593 units, representing an increase of 10.8% when compared to 3,243 units that were sold in 2020.
Average Sales Price: The average sales price in Tuscaloosa during 2021 was $273,005, a 13% increase from the prior year’s average sales price of $241,684. That is great new for Tuscaloosa county homeowners!
Days on Market (DOM): The average number of days on the market in 2021 was 38 days, representing a decrease of 30% from 54 days on market during the prior year. The Gray Group’s average days on market for 2021 was 16!
Homes Listed for Sale: Tuscaloosa’s average number of residential units available for sale decreased 34.8% when compared to the prior year. Compared to the historical data, the current number of homes listed for sale is 51% below the 5-year annual average and 44% below the 3-year annual average.
Housing Inventory: If you take the inventory for sale and divide it by the current annual sales volume you get the number of months of supply (Market considered to be in balance at approximately 6 months). In 2021 we average 1.5 months supply. It was definitely a seller’s market! Competition was at an all-time low for those who chose to sell last year with many sellers receiving multiple offers on their property.
Watch the Youtube video above for Tricia’s market predictions for the months ahead!