Ross Bridge- A Classic American Town
Ross Bridge is a master planned, mixed use "resort town" situated on 2,700 acres in the western section of the City of Hoover. It features about 1,800 homes, a championship golf course, a luxury hotel, retail shops and dining, and several parks throughout the community.
A wiffle ball field in the Hamptons neighborhood of Ross Bridge.
A neighborhood pool
One of several neighborhood parks
The Ross Bridge Real Estate Market is Healthy
During 2022, 137 homes sold in Ross Bridge with an average sales price of $564,161. Last year homes stayed on the market for only about 3 days.
Comparing the First Four Months of Last Year to This Year
Almost the same number of homes have sold in the first four months this year as last. So far, 33 have sold this year, and 32 have sold in the previous year. But that's where the similarities diverge. Last year's average sales price was $499,819. During the first four months of this year, the average sales price for homes in Ross Bridge has risen to $618,045. That's a 23.7% increase! However, it's taking three times as long to sell a home this year- 6 days on market versus just two days last year. List-to-Sales stats were also more impressive last year when the average home sold at 102.2% of list. This year, it's down to a still historically respectable 99.12%. So why are average home prices up a very healthy 23.7% while other indicators show a slight slowing in the market? To answer that question, we checked how many houses sold for over $500,000 this year compared with last year. During the first four months of 2022, 40.6% of homes sold for more than $500,000. So far this year, that percentage has increased to 60.6%. The fact that significantly more homes over $500,000 have sold this year substantially increases the average sales price. So, while the Ross Bridge market is still healthy by historical standards, prices are not rising at 23.7%. The rapid increase in mortgage interest rates has reduced the pool of buyers looking for homes below $500,000. The continued strength of most real estate markets will depend on whether rates continue to rise or begin to fall.
Posted by Mike Wald on
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