Local Real Estate Prices Rise, Closing Rate Slowed

Compared to May of 2023, Prices Are Up, Closings Are Slowing

Home prices in Baldwin County continue to rise, despite properties staying on the market longer and fewer closings. According to Baldwin REALTORS® Multiple Listing Service (MLS), May 2024 shows year-over-year trends for both Traditional Residential and Resort/Island-based markets in the county. Both markets saw increases in Average Sales Price and Days on Market, while Closed Sales decreased.

In the Resort area, which includes Orange Beach, Fort Morgan, and areas in Gulf Shores south of Canal Rd/180, the average sales price rose 4.5% from May 2023 to $748,253. Properties spent an average of 78 days on the market, compared to 68 days the previous year. Total Closed Sales dropped, with 176 properties sold in May 2024 compared to 200 in May 2023.

In Baldwin County’s Traditional Residential area, the average sales price increased by 9.8% from May 2023, reaching $440,222. Properties stayed on the market longer, averaging 56 days, which is six days more than the previous year. Additionally, there were six fewer new listings and 31 fewer properties sold compared to last year.

Residential MLS Stats by Area:

Central Baldwin

Residential Properties sold in May 2024: 167
Average Sales Price: $361,236
Average Days on Market: 57
Average Sales Price Change from May 2023: Increased 2.7%

Coastal Condos

Residential Properties sold in May 2024: 105
Average Sales Price: $630,507
Average Days on Market: 78
Average Sales Price Change from May 2023: Increased 14.1%

Coastal Homes

Residential Properties sold in May 2024: 113
Average Sales Price: $765,007
Average Days on Market: 79
Average Sales Price Change from May 2023: Decreased 5.9%

Eastern Shore

Residential Properties sold in May 2024: 205
Average Sales Price: $512,271
Average Days on Market: 50
Average Sales Price Change from May 2023: Increased 16.1%

North Baldwin

Residential Properties sold in May 2024: 23
Average Sales Price: $393,970
Average Days on Market: 78
Average Sales Price Change from May 2023: Increased 26.8%

For previous months’ housing reports: click here.

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