The present housing market in Elba is down with high active listings and low sales volume. Home prices have increased 173.9% in the past month alone. With 16 active listings, inventory is 78% higher than seasonal norms. Homes are now taking an average of 311 days to sell, significantly longer than the 72 days typical for this market. Only 6.3% of listings saw price reductions, suggesting sellers are confident in their pricing. Only 0.0% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Elba market with the affordability index at 453.2. Based on current market indicators, home prices in Elba are projected to decrease by approximately 30.0% over the next month.