Good news for the Birmingham real estate market is still rolling in through the year-end. Not only were total home sales up 12% year-to-year in October, but there were positive numbers across the board. Several key metrics have shown improvements over last year, including the 7.6% increase in median sales price, up $11,350 from last October’s $150,000 mark. Additionally, there was a 10% decrease in the number of days a property stayed on the market. Positive year-to-year improvements aren’t the best part — the improvements look even better when compared to the five-year averages for several metrics. Current property owners look to benefit from this success directly through increased property values, and a higher demand in the marketplace. Homeowners aren’t alone in their bright future, though, as investors could cash in on the success of the market as well. Making a Move in Birmingham Real Estate The demand for Birmingham is high, and the prices are increasing. The new year is also expected to ring in some improvements, so what better holiday gift to yourself than the rental property that you’ve always wanted? The rise in median price could also bring gains in return on investment for those looking to flip single-family residential properties or turn homes in premium locations into revenue-generating rental properties. Birmingham is definitely improving, whether we’re talking about the revitalization of downtown, or the improving nature of the residential real estate market. With several growing residential communities and suburbs, and a residential market virtually free of major corporate investors, the competitive environment is just right in Birmingham. For more information on how you can invest in a residential property to produce income through rental, or simply how you can move your family closer to the home you’ve always wanted, contact us today at gkhouses.com or call 205.940.6363.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.