$2,837 Closing Credit*
$238,900
1,739 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: Impact Realty, LLC
Is Rainbow City, AL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Rainbow City has remained a Seller's Market.
Key Takeaway
Rainbow City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rainbow City, AL
How much do homes in Rainbow City, AL cost?
Median Sold Price
$260,000
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$25,000(+10.6%)
Key Takeaway
Homes in Rainbow City have sold for 10.6% more than they did a year ago.
Summary: The median home sold price in Rainbow City was $260,000 in October 2024, up 10.6% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $225.3K | $209K | -7.2% |
| 3 Bedrooms | $212K | $244.9K | +15.5% |
| 4 Bedrooms | $278K | $310K | +11.5% |
| 5+ Bedrooms | $362.5K | $273.5K | -24.6% |
Summary: Rainbow City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.2%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes decreased by 24.6%.
Median Sold Price Compared To Nearby Cities
| Rainbow City | $235K | $260K | +10.6% |
| Gadsden | $190K | $190.6K | 0.3% |
Housing Supply in Rainbow City, AL
How many homes are available in Rainbow City, AL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 35 | 43 | +22.9% |
Summary: The Rainbow City real estate market had 43 homes for sale in October 2024, a 22.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 2 | +100.0% |
| 3 Bedrooms | 19 | 22 | +15.8% |
| 4 Bedrooms | 13 | 15 | +15.4% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Rainbow City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1 | 14 | +1300.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Rainbow City, you may be able to get a good deal. 78.6% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Rainbow City in October 2024, up by 1300.0% month-over-month. Of the 14 sold homes, 79% were sold under asking, 14% were sold at asking, and 7% were sold over asking.
Days on Market for Rainbow City, AL
How long does it take to sell a home in Rainbow City, AL?
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rainbow City are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 14 homes were sold in Rainbow City; 14% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
