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Graphic by Melanie Viering
Source: Greater Alabama MLS
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Graphic by Melanie Viering
Source: Greater Alabama MLS
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Graphic by Melanie Viering
Source: Greater Alabama MLS
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Graphic by Melanie Viering
Source: Greater Alabama MLS
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Graphic by Melanie Viering
Source: Greater Alabama MLS
The number of home sales in Trussville continued to decline in 2024, but some Realtors say activity has begun to pick up this year now that the election is over and people are adjusting to the interest rate environment.
The total number of homes sold in Trussville in 2024 was 428, down 23% from 554 homes sold in 2023 and half as many as the 850 homes sold in 2020, statistics from the Greater Alabama Multiple Listing Service show.
The biggest part of that decline was in new homes. Trussville had only 36 new homes sold in 2024, down from 131 in 2023 and 183 in 2021. Activity flattened out, particularly toward the end of 2024, said J.R. Malchus, the city’s building official.
The number of single-family residential construction permits in Trussville declined from 203 in 2021 to 182 in 2022, 98 in 2023, and 59 in 2024, City Clerk Dan Weinrib said.
Construction is still happening in communities such as Longmeadow, Carrington, Hillbrook, Park Ridge, and Keystone Ridge. And construction should start again soon on the final two sectors of Trussville Springs once a railroad crossing is completed, Malchus said.
Additionally, the Trussville City Council has approved plans for Harris Doyle’s Tapestry community, which is planned to have more than 200 homesites, but the first of those homes probably won’t be ready for another 12 to 18 months, Malchus said.
The lack of available lots was just one reason for the decline in home sales, Malchus said. Other factors were uncertainty over last year’s elections, construction prices, and relatively higher interest rates, he said.
Sales of existing homes in Trussville were down just 7%, from 423 in 2023 to 392 in 2024, but that’s far below the 668 existing homes sold in 2020, MLS statistics show.
Susan Weber of Pro Home Realty said 2024 actually was a strong year for her, but she agreed activity stalled because of the election.
“Nobody would budge for a long time,” Weber said. “As soon as Trump got elected, … it just seemed like the faucet was turned on again.”
Interest rates also were a factor, Weber said. People under 40 have never seen rates as high as they are now, but they don’t realize that, relative to the past, they’re not bad, she said.
The average 30-year fixed-rate mortgage so far this year, as of mid-February, was 7.09%, according to Bankrate. While that average rate fell to a historic low of 3.15% in 2021, it was 8.08% as recently as 2000 and 16.06% in 1982.
As interest rates rose, some people chose to remodel or build an addition instead of moving. Permits for remodeling in Trussville rose from 104 in 2021 to 141 in 2023 and 129 in 2024, and permits for additions climbed slightly from 16 in 2021 and 2022 to 20 in 2024, Weinrib said.
Based on the end of 2024 and early 2025, Weber said she’s optimistic 2025 will be a good year.
“I feel like people are confident,” she said.
She also believes rates will fall again to the upper 5% or 6% range, but “I don’t think we’re going to see under 5½% for a long time.”
