Most people are surprised to learn it is possible to bypass the traditional home-selling process, selling to an all-cash home buyer. Selling a house for cash is surprisingly easy, regardless of the current state of the housing market. Though houses in Birmingham are selling at a brisk pace, the market is dynamic. There is the potential for peaks, troughs, and plateaus, yet there is always the option of selling your house for cash without any unnecessary delay.
Let’s take a quick look at the current state of the Birmingham housing market.
The Inside Scoop on Birmingham House Prices
The prices of Birmingham homes are fairly high at the current moment, primarily because there are more home seekers than sellers. It is no secret that the land used to build residential homes has become more expensive as time has progressed. However, the tiny home trend combined with the rise of van life and shared living spaces has kept Birmingham housing prices within reason.
On average, the typical house in Birmingham receives a couple offers and sells in around a month and a half. Though most cities of similar size have relatively unaffordable homes priced at $250K on up, Birmingham is moderately priced. The median home sale price for local houses this past month was slightly more than $180,000. This figure represents a 20% drop-off from the prices of local homes in the year prior. Moreover, the median sale price for each square foot of Birmingham living space declined slightly more than 10% in the previous year, dropping to $117.
The average Birmingham house for sale receives more than one offer. Area homes tend to sell 40 to 45 days after being listed. However, there is a better way to sell your house. Choose to sell your Birmingham house to our cash buyers, and you’ll receive an offer without catches or delays. It is particularly interesting to note that houses in Birmingham sold after 34 days on the market in the preceding year, meaning the average house is staying on the market more than 10 days longer than it did one year ago.
Why bother waiting an extra two weeks to receive a competitive offer when you can accept an all-cash offer right away without the hangups and delays that often prevent traditional deals from coming to fruition?
Birmingham Housing Market Statistics of Note
The total number of houses sold in Birmingham in the previous year amounted to 320. However, in the year since, the total number of local houses sold was 246, indicating fewer properties are being put on the market. This decline represents a 23% reduction on a year-over-year basis.
In terms of actual sales price versus listing price, the average Birmingham house sells for 3% less than list price. The average home put up for sale in Birmingham reaches “pending sale” status in 46 days, meaning the seller has accepted the offer, triggering the closing process.
It is also interesting to note that between January and March of 2023, one-quarter of home buyers in the Birmingham area stayed within the metropolitan area. Shifting to a macro perspective, 0.23% of all home buyers searched for a house in the greater Birmingham area from outside metros.
How Birmingham Housing Prices Compare to the Nation
Let’s shift our attention to Birmingham housing prices compared to the rest of the country. The Birmingham market is much more affordable when juxtaposed with other similar sized markets and the entirety of the United States. Birmingham houses have a median sales price that is more than 50% less than the country’s average. We would be remiss not to mention that Birmingham’s cost of living is nearly 10% less than the nationwide average.
Locals interested in selling their home will not be surprised to learn that transplants from nearby Georgia are especially interested in the area’s affordably priced properties. However, what is more surprising is that residents of the greater Pittsburgh metropolitan area had a greater net inflow into Birmingham than those from Atlanta, Georgia, and even Montgomery, Alabama.
Get a Cash Offer From We Buy Houses Birmingham
Request a cash offer for your house today. Give us a call to find out more about our cash offers for houses in Birmingham and surrounding areas.