The Birmingham housing market has been favoring sellers, but that trend may soon change, according to a recent report from Rocket Homes. While a sellers’ market typically means higher prices for homebuyers, Birmingham has seen a different trend in August. Local real estate agent Chris Prichard noted that recent buyers in Birmingham were able to purchase homes at asking price, whereas a couple of years ago, there would have been more offers and the winning bid would have likely gone over the asking price.
Rocket Homes reports that the median selling price for Birmingham homes in August was $234,966, representing a 10.5% decrease from July. This decline in prices may be attributed to a 21.1% increase in housing inventory during the same period. High interest rates have motivated people to sell their homes and rent instead.
As the housing inventory increases in Birmingham, it creates more options for homebuyers. With a larger supply of homes, buyers may have more negotiating power. They can carefully consider their options and potentially secure a property at or even below the asking price.
However, it’s important to note that the housing market can fluctuate, and Birmingham’s shift towards favoring homebuyers may not last indefinitely. Factors such as changes in interest rates, economic conditions, and demand for housing can influence the market dynamics.
Overall, this shift in the Birmingham housing market presents an opportunity for homebuyers to find affordable properties and potentially negotiate favorable terms. It will be interesting to monitor the market in the coming months and see how it continues to evolve.
– Rocket Homes report
– Interview with Chris Prichard, local real estate agent
– Bennie Waller, William Cary Hulsey faculty fellow in the Culverhouse College of Business at The University of Alabama