Elkmont's real estate market is experiencing a price correction, with values down 46.5% from last year. Home prices have decreased 25.6% in the past month. With 5.0 months of supply, Elkmont's inventory levels remain relatively tight. Homes are now taking an average of 165 days to sell, significantly longer than the 21 days typical for this market. A significant 60.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 0.0% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Elkmont market with the affordability index at 4280.4. Based on current market indicators, home prices in Elkmont are projected to increase by approximately 4.4% over the next month.
Elkmont, AL has a total population of 415 residents. The area is predominantly White (94.0%), The area has a more homogeneous population distribution. The small population size creates an intimate community atmosphere in Elkmont, AL.
Market predictions for Elkmont, AL show an upward trend in home prices, with values increasing by 9.1%. This indicates a moderate but notable price trend. The current median home price in Elkmont, AL is approximately $260,775.083. Based on current trends, home prices in Elkmont, AL are expected to continue appreciating, making it an attractive market for sellers and long-term investors.
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