Rising Real Estate Prices in Tuscaloosa County: A Look at May

New data from Realtor.com shows that real estate prices in Tuscaloosa County experienced a significant increase in May. The median prices for sold homes were substantially higher at $250,000 compared to $239,900 in the previous month, marking a 4.2 percent increase. Compared to May 2023, median prices rose by 8.7 percent, from $230,000 at that time to $250,000 now. The price increase for single-family homes is particularly notable. The median price here was $252,700, representing a 5.5 percent increase from April ($239,500). Since May 2023, prices have risen by 4.4 percent from $242,000. A remarkable detail: Thirteen single-family homes were sold for one million dollars or more in May, compared to six such sales in May 2023. In contrast, condominiums and townhouses experienced a price decline of 22.4 percent in May to a median of $207,500, compared to $267,250 in April. However, the median price for condominiums and townhouses was 9.5 percent higher compared to May 2023 ($189,500). The number of recorded sales in Tuscaloosa County increased by 5.5 percent compared to May 2023, from 328 to 346. The total value of sales amounted to $113.4 million. A similar trend is also observed across Alabama. Median home prices rose by 6.3 percent in May to $235,000, compared to $221,019 in April. A total of 6,744 sales were recorded in the state, a decline of 5.4 percent compared to the 7,125 sales in May 2023. The total value of home sales in Alabama increased by 21.8 percent from $2 billion in April to $2.5 billion in May. Notably, 4.21 percent of home sales in May 2023 were for at least one million dollars, compared to 2.4 percent in May 2023. In the nationwide context, prices for single-family homes increased by 8 percent to $234,082 in May, compared to $216,729 in April. Compared to May 2023, prices rose by 3.1 percent from $227,029. At the same time, prices for condominiums and townhouses fell by 2.4 percent from $275,000 in April to $268,450 in May. This represents a 9.3 percent decline compared to May 2023 ($296,000).