The real estate market has the highest buyer demand than we have ever seen. With housing inventory being at an all time low, homes are selling over list price with multiple offers while seller’s in this market are reaping the benefits. In fact, the number of available homes in every price range in March 2021 was below the March 2020 level here in Madison County as seen below in Graphic 1.
Here are the Huntsville housing market highlights from Huntsville Area Association of Realtors (HAAR) market report and what this means for Huntsville homeowners.
Huntsville Real Estate by the Numbers
- Homes priced between $200,000-$250,000 fell by 76% in the first quarter 2021 compared to the first quarter of 2020.
- Homes median sales price increased to $265,000, 13% more than the same quarter of 2020.
- The number of homes priced below $150,000 dropped 41% compared to 2020 while the sale of homes priced above $800,000 doubled!
Sales & Inventory
As the number of homes being sold increases, the amount being built lags behind due to material shortages, leaving inventory at a record low here in the Huntsville area. This is even more apparent in homes ranging from $150k – $300k, a sought after price range for homeowners, leaving them no other choice but to go over asking price.
Home Sales & Prices
The value of homes continue to rise as the number of homes being sold increases. Real estate has been found to be increasing faster than any other consumer spending category. This shows the high demand in the market since this is one of the biggest purchases people will make in their lifetime. Plus, stats show that the median home prices are around $30,000 more than this time last year.
As a result, home sellers are easily selling and receiving over value for their home. For example, we have hit a new record low with the average days on market for a home being only 19!
What Does This Mean for Home Sellers & Home Buyers?
If you are a home seller or purchasing a home, it is better to take action now! The Huntsville market continues to be in high demand and will only increase due to companies looking to relocate to the Madison County area. At Amanda Howard Sotheby’s International Realty, we are here to provide guidance in these unprecedented times. The thought of competing for a home in this market can be daunting but with an experienced agent finding your dream home within your budget is still possible. For sellers, there is no better time than now to receive over asking for your home.
Let our team of experts help you navigate through your real estate transactions in Huntsville and surrounding communities.
View the full HAAR report here.