How hot is the real estate market near Tuscaloosa? Home sale prices rise to $250K
The median sales price for a single-family home sold in Tuscaloosa County during July was $250,000. That's an increase of 11.2% compared with July 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for three consecutive months. July prices are identical to the previous month's.
The number of houses sold fell by 24.1% from a year earlier. A total of 328 houses were sold countywide during July. During the same period a year earlier, 432 single-family homes were sold.
High interest rates are making mortgage payments more expensive. With prevailing mortgage rates and 20% down, the mortgage payment on Tuscaloosa County's median single-family home from July would have cost $1,111 per month, not including insurance, closing fees, homeowner association dues or other costs, according to a USA TODAY Network analysis. A month earlier, the median home mortgage would have cost $1,161. A year earlier, the median home mortgage would have cost $739.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Tuscaloosa County condominiums and townhomes sold in July had a median sales price of $179,500. That figure represents a 3.8% increase year over year. Some 42 were sold, down 23.6% from a year earlier.
How hot is Tuscaloosa County's real estate market in Alabama?
Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.
In Tuscaloosa County the top 10% of the properties sold for at least $475,000, down 11.8% from a year before.
In July, no properties sold for $1 million or more.
Alabama's median single-family home sales price was $225,000 in July, up 8.2% from a year earlier. The state reported 6,211 single-family homes sold, down 20.3% from a year earlier.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
This article originally appeared on The Tuscaloosa News: Tuscaloosa County's average home sold for a higher price year over year
