Hot but steady real estate market in Baldwin County in May
The Baldwin County housing market is returning to normal after a frenzied few years, though it’s not cooled completely yet.
In the month of May, the average residential property in Baldwin County sold for $399,695, an increase of 4.3% from last year but a decrease from April, when the average sales price was $404,577, according to data from Baldwin Realtors.
However, the number of days on the market decreased from April to May, from 56 days to 51 days, and the number of total residential sales increased from 380 in April to 450 in May, a sign that the market is heating up again.
Rachel Romash-Reese, owner of Elite Real Estate Solutions and president of Baldwin Realtors, says that while part of the upswing is due in part to the time of year—May and June are usually good months for home sales—the other reason is because people have adjusted to the higher interest rates.
Even though interest rates were increased in May by 0.25 percentage points, after a year of steady hikes to curb inflation, Romash-Reese says that real estate is still in high demand. Now that the “shock” of the higher interest rates has worn off, people are finding that they still want to buy a home.