The real estate market in Mobile, Alabama registers three months of growth despite some foreclosures

For the third consecutive month, Alabama has experienced an increase in home sales and active home listings. And Mobile, one of its main cities, stands out for its strong numbers and low foreclosure rates.

According to the Economic and Real Estate Report from the Alabama Association of Realtors, the state’s real estate market, and specifically the city of Mobile, has shown steady improvement recently, offering buyers the best conditions in recent years, with stable prices and a good inventory of available properties.

Senia Johnson, president of the association, said: “Anyone looking to own a home in Alabama now has the perfect moment to do so, as the real estate market has grown alongside the rise in temperatures across the state.”

For the third consecutive month, home sales and active listings have increased in Alabama, while foreclosure rates have decreased by 4.0 percent. The 5,164 homes sold in April mark a 3.8 percent increase from the previous month, adding to an approximately $100 million increase in sales volume compared to March 2024. Sales volume in Alabama has been rising for the past two months.

Active residential listings also continued to rise in April, showing a 37.2 percent increase compared to last year and a monthly growth of 485 listings. The 15,072 active listings currently available are the highest number since June 2020.

Additionally, the median sales price dropped by 2.2 percent from the previous month and 4.3 percent compared to last year, reaching its lowest point since March 2021. This decline benefits buyers by providing better affordability.

Federal Reserve officials have indicated that the federal funds rate target will remain the same in the coming months, making a rate cut unlikely for the remainder of 2024.

Jeremy Walker, executive director of the association, said: “Although mortgage loan rates seem to remain high, buyers currently have more affordable options in the market. The past month has been very promising for the state and for Mobile, suggesting that more improvements are on the way as summer approaches.”

Available foreclosures:

Mobile: 95 homes available.

Birmingham: 120 homes available.

Montgomery: 85 homes available.

By Elias DaSilva | September 30, 2024