Elba's real estate market is experiencing a price correction, with values down 18.1% from last year. Home prices have decreased 52.3% in the past month. At the current sales pace, it would take over 10.0 months to sell all available homes in Elba, indicating an oversupplied market. Homes are now taking an average of 237 days to sell, significantly longer than the 135 days typical for this market. A significant 50.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. The majority of homes (100.0%) sold above asking price, a clear sign of competitive bidding. Affordability remains a significant challenge in the Elba market with the affordability index at 140.1. Current trends suggest further price adjustments may occur as the market continues to favor buyers.