Bessemer's real estate market is experiencing a price correction, with values down 10.8% from last year. Home prices have decreased 14.3% in the past month. With 5.2 months of supply, Bessemer's inventory levels remain relatively tight. Homes are taking about 68 days to sell, which is 13 days longer than this time last year. Approximately 17.6% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Bessemer market with the affordability index at 42.6. Current trends suggest further price adjustments may occur as the market continues to favor buyers.
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