Montgomery-area home prices rose 3.4% in May, with houses for sale in high demand
The weekend arrived in central Alabama with temperatures falling from triple digits to the mid-90s, and the area's housing market was cooling off at about the same rate — from inferno to bonfire.
Sandra Nickel of Hat Team Realtors in Montgomery said prices are still going up, just not quite as fast. "The really good news is that buyers are looking at a more normal situation," Nickel said. "We are not a normal market, but we are normalizing."
A typical Montgomery County home listed for $222,400 in May, up 3.4% from a month earlier, an analysis of data from Realtor.com shows.
The median list home price in May was down about 11% from May 2021. Montgomery County's median home was 2,053 square feet for a listed price of $104 per square foot.
The Montgomery County market was busy, with a median 30 days on market. A month earlier, homes had a median 38 days on market. The market added 356 new home listings in May, compared with the 396 added in May 2021. The market ended the month with some 346 listings of homes for sale.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
Elmore County home prices drop 1.5% to $304,382
A home on the market in Elmore County a few months ago may have shown to 100 people and gotten 20 offers, and now it may show to 20 people and get five offers, said Angie Carter of RE/MAX Cornerstone Realty in Wetumpka.
"We are still operating with a sellers market," Carter said. "We have more buyers than we have listings."
Elmore County's home prices fell 1.5%, to a median $304,382, from a month earlier. The typical house was on the market for 38 days, from 36 days a month earlier. The typical 2,100-square-foot house had a list price of $131 per square foot.
Across the wider Montgomery metro area, median home prices fell to $245,500, down 1.4% from a month earlier. The median home had 2,079 square feet, at a list price of $116 per square foot.
Across all of Alabama, median home prices were $313,950, rising 4.7% from a month earlier. The median Alabama home for sale had 1,996 square feet at list price of $150 per square foot.
Across the United States, median home prices were $446,950, up 5.2% from a month earlier. The median American home for sale had 1,861 square feet, listed at $226 per square foot.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list 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 listed 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 the Realtor.com residential listings database. The story was written by Brad Harper, Mike Stucka and Sean Lahman.
This article originally appeared on Montgomery Advertiser: Montgomery-area homes for sale rose to $222,400 median price
