Mobile Area Housing Market, March-April 2022

Mobile County: 1,026 Houses Sold in March and April

Total Inventory: 749 (up from 515 in February)

Median Sales Price: $225,000 (All time high)

New Construction Home Sales: 89 New Construction Sales

Median Construction Home Price $295,900

Baldwin County: 1,790 Houses Sold 

Total Inventory: 1048 (up from 802 in February)

Median Sales Price: 339,950 (Down 10k from all time high in March)

New Construction Home Sales: 352 New Construction Sales

Median New Construction Price: $311,052

Source https://acre.culverhouse.ua.edu/research/residential-research/statewide/

It looks like the increase in interest rates is finally taking its toll on the two housing markets. In April, Mobile and Baldwin counties experienced a year over year loss of 10% and 5% respectively. However both did see an increase in inventory.... but prices are still very high, with Mobile County reaching an all time high in home price and Baldwin County is just short of its all time high.

Both of the New Construction Markets are doing fairly well. Mobile County for the first time since the pandemic began, has an increasing inventory of new construction home as more and more subdivision are getting built in the county doubling in size from 27 in January to 55 in April. Although its still farrrr from other markets like Huntsville (253 in inventory), Birmingham (207 in inventory), Baldwin County (175 in inventory), and Auburn (185 in inventory). As Mobile County continues to increase its New Construction Inventory with the new subdivisions, there will likely be more and more construction homes sold