According to the May 2024 Alabama Economic and Real Estate Report released on Thursday by the Alabama Association of REALTORS®, Alabama’s housing market continues to show improvement, marking its fourth consecutive month of significant increases and opening doors to unique opportunities for both buyers and sellers.

“Now is a great time for buyers and sellers to jump into the market,” said Senia Johnson, 2024 President of Alabama REALTORS®. “There is less competition and more options available for buyers, while both sales and sales prices are continuing to increase, which is welcome news for sellers.”

Home sales in Alabama increased for the fourth consecutive month, recording 5,209 sales. This increase is positive news for potential sellers looking to list their home on the market. Alternatively, home sales are still down 19.3 percent year-over-year, indicating less competition for buyers than in previous years.

May’s 15,776 active listings and 4.4 months of supply mark the highest levels available in years. Both areas have continued to increase throughout 2024, providing ample options for buyers.

Alabama’s median sales price reached its highest value in four months, increasing by 2.9 percent compared to April to $204,184. The average sales price also saw a monthly increase of $3,973 in May. However, both median and average sales prices remain down year-over-year, suggesting continued affordability for today’s buyers. 

Average 30-year mortgage rates decreased by 19 basis points throughout May from 7.22 percent to 7.03 percent. Rates have continued to trend downward through the first two weeks of June to 6.95 percent.

“The recent reduction in interest rates has attracted more buyers into the market, and further reductions will likely attract even more,” said Jeremy Walker, CEO of Alabama REALTORS®. “Buyers who act now, while inventory is high, have a great opportunity to find the perfect home or property.”

The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of REALTORS^®. Click here to view the full monthly and annual reports. 

MOBILE, Ala. (WALA) – The Alabama Contemporary Art Center in downtown Mobile is set to undergo a major renovation come the end of the year. While it’s forcing them to temporarily close their doors — it’s also testing their adaptability — as they prepare to take the art to the streets — not just here in the Port City — but around the state.

As the only contemporary art museum in the state — the Alabama Contemporary Art Center is full of imagination come to life.

“For us — art is how you not only build your cultural and community identity — but how you drive it for,” said Elizabet Elliott, Alabama Contemporary Art Center Executive Director.

The center (at 301 Conti Street) is set to undergo a major renovation — along with the building its connected to at 304 Government Street. The multi-million dollar job is expected to take years. While the non-profit museum will have to close during the renovations — don’t expect the art to stop.

“So a lot of museums who go through a renovation or redevelopment will sort of just sit on their hands and minimize programming and wait — and that just didn’t feel right to us,” said Elliott.

Elliott explains over the last six months they’ve been coming up with a new “transient model” — taking the one of a kind exhibitions to partner sites. Look for the art to pop up in vacant restaurants and warehouses — and even derelict buildings.

“What we found on projects like this is that it expands the whole community’s imagination — it helps transform a space that we might be embarrassed about as a community because of blight or neglect into something where new things are possible and it re-energizes development and community energy,” said Elliott.

Calling it the “Wild West of Curating” — this moving feast of art and culture will expand their reach to university, museum, and art partners around the state. Stakeholders say they’re excited about this untraditional plan and new exposure.

“The vision is representative within the context of the mission and vision as a spirit thing that’s come to life that still maintains a close hold on that mission and vision but represents an opportunity to take it to other communities with energy and vibrancy,” said Dr. Raoul Richardson.

They’re planning on three years of construction — but preparing for up to five years. The museum is set to close November 1st — and they’ll launch new program with first major exhibition in January 2025.

The big take away here is they’ve realized they’re mission to bring art and culture to the community is not defined by the space they occupy. To receive updates you can follow them on social media and sign up for their newsletter.

Original News Release:

Alabama Contemporary is embarking on an ambitious redevelopment project that will ultimately make the contemporary art museum more sustainable, increase impact and generate more equitable opportunities for artists across the state of Alabama. Over the last 3 years ACAC has been working with Farris Properties to collaborate on a development plan that leverages and builds on ACAC’s organizational success to even greater impact for the City of Mobile. Although the full scale and details of the development are not yet public, this will include a major renovation to build out the long unoccupied 304 Government Street, as well as upgrade key spaces within the contemporary art museum at 301 Conti Street. In order to facilitate this plan, ACAC will move our programming out of the building.

In 2025 we are shifting into a transient model – taking exhibitions and activations directly to different partner sites and underserved areas in our city and statewide. As the only Contemporary Art Museum in the State, the program plan (linked below) will fulfill its mission through an exhibition and program schedule that bolsters the work of fellow art museums and organizations across Alabama, and creates new artist opportunities in parts of the community that are underserved.

Alabama Contemporary Executive Director, Elizabet Elliott states:

The most powerful thing we do as a museum is to support creative practice directly, and facilitate new work that drives Alabama’s cultural identity forward. By partnering with other organizations, big and small, we can leverage what we are best at – seeding growth in the creative economy, being good stewards of risk, and creating healthy spaces for dialogue – to extend and build on the mission of partner organizations.

Current partners include major museums and local community centers alike, with programming in 2025 to hit the Wiregrass Museum of Art in Dothan, The International Art Center’s Huo Bao Zhu Gallery at Troy University, The Wallace Center for Art and Reconciliation in Harpersville, The Paul R. Jones Museum at University of Alabama in Tuscaloosa, and Coleman Center for the Arts in York, AL. Each year will bring new institutional partners on board over the next 3 years, in tandem with the critical work of refining a Museum space built to support the front line of contemporary practice.

In Mobile, ACAC will be a moveable feast that occupies multiple sites, both traditional and non-traditional through partnerships with the Mobile Museum of Art, Mobile Arts Council, Historic Avenue Cultural Center, and many more. Additionally visitors can look for projects that occupy derelict buildings, vacant restaurants, living rooms, and bars throughout the city.

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