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Beginning this month, Vestavia Voice will feature a brief real estate section each month. We know that real estate is a significant factor in the fabric of our community, and we plan to bring you relevant information about the state of the Vestavia Hills real estate market.
We anticipate that the type of information we present will change with your feedback as time goes on.
This month, we are focusing on a sample of year-over-year quarterly data, organized by elementary school zone.
Here is the story the data tells us for the Vestavia market:
► Home prices are up, but only slightly. In Vestavia, home prices are up less than 3%.
► Homes are still selling quickly,
but in the first half of 2023 the number of days on the market has increased from 2022.
► Overall inventory for Vestavia is down year-over-year by about 26%.
► Interest rates have increased from the historic lows of a few years ago. A 12-month period from January 2022 to January 2023 saw interest rates more than double.
