What to Expect from Birmingham Real Estate Markets in 2023
There’s been nearly constant news in recent months about changes in the real estate markets, as rising interest rates and economic volatility impact markets across the country. That said, real estate is first and foremost local. While it’s important to pay attention to national trends, if you’re considering buying or selling a home, it’s more important to research your local markets and stay current on any changes in your region.
To help local buyers and sellers make informed decisions in the months ahead, here’s a brief overview of the current condition of Birmingham real estate markets and forecasts about what’s likely to happen throughout the rest of 2023.
The Current State of Birmingham Real Estate Markets
After a couple of record-breaking years in real estate, Birmingham markets have slowed substantially in recent months in large part due to rising interest rates. While the market has cooled, there continues to be limited inventory, which is keeping housing prices from decreasing. Demand continues to outpace supply, which has resulted in homes still selling, just at a slightly reduced pace and with less price growth.
Going into 2023, the sales data showed that real estate markets continued to be competitive. In December of 2022, home prices were up 19% from the year before, with the median home price around $214,000. The average home value was around $113,709, up 11% from the year before.
Houses were still selling relatively quickly in early 2023, with the average time on the market around 40 days. Currently, homes are on the market for around 46 days and selling for approximately 3% below the asking price.
What to Expect from Real Estate Markets Going Forward
While Birmingham markets continue to be competitive, they are expected to slow in the months ahead. As home prices across the country drop, however, experts anticipate that Birmingham home prices will remain flat or have a small decrease of around .6%.
Because of the supply and demand issue, sellers should feel confident that their homes will sell, it will likely just take a little longer and be a little more difficult to get them sold.
How Sellers Should Deal with Real Estate Markets
If you need to sell your Birmingham home right now, there are a few things you can do to set yourself up for success.
- First, be diligent about getting your home ready for the market. With homes sitting on the market longer, it’s important to make sure that your home is in good condition, deep cleaned, and decluttered. In addition, you’ll want to make any repairs or upgrades you can and take professional photos of your home.
- Second, make sure that you price your home competitively, as overpricing can mean that it sits on the market even longer.
- Third, be patient. Homes are selling, it’s just taking a little longer than usual. If you do the work to get it ready, price it correctly, and are patient, your home should sell.
Looking for an Easier & Faster Way to Sell Your Birmingham Home?
If you don’t want to do the work to get your home ready for the market or don’t have time to be patient while it sells, there are other options. In uncertain markets, a cash buyer can be a good way to make sure that your home sells quickly.
Cash buyers will purchase your home as-is, regardless of the condition. This means that you don’t have to make any repairs or do any work to get it ready for the market. Plus, they’ll make an offer and close quickly, which means that rather than waiting a couple of months to close, you can close in just a couple of weeks.
Contact Home Buyers Birmingham
To sell your Birmingham home quickly, contact Home Buyers Birmingham. We buy houses in any condition and will close on your schedule. Here’s how our process works:
- We’ll set up an appointment to see your home;
- Within 24 hours of seeing your property, we’ll give you a cash offer;
- If you accept the offer, you set the closing date – we can close in as few as 7 days after the offer is accepted.
Plus, we pay all closing costs and fees. This means that sellers walk away with cash in hand and don’t have to spend any time or money to get their Birmingham homes sold. Contact us today at (205) 687-0604 or online to learn more or to get your cash offer.
Home Buyers Birmingham
1821 11th Avenue South Suite #55331
Birmingham, Alabama 35205