The Second Quarter in 2021 is breaking records and not just in the housing market. According to the US Census Bureau, Huntsville is now the largest city in Alabama. Plus, U.S. News & World Report ranked Huntsville as the #3 best places to live in the US. So what does this mean for the real estate market?
The Huntsville Area Association of Realtors (HAAR) market report highlights the numbers and what this means for Huntsville homeowners.
Huntsville Real Estate by the Numbers
- Sales level set a new second quarter record at 2,443 and was the second highest for any quarter behind 3Q 2020
- Median sales price rose to a quarterly level of $285,000
- Number of homes sold over $500,000 have doubled
- Days on market dropped to 9 days in May with a second quarter average of 12 days
- Average number of homes listed for sale fell to a twenty-year low of 464
- There were 1,193 more homes sold in 2Q than were on the market at the end of March
Sales & Inventory
The real estate market continues to be highly competitive here in Madison County as sales level hit a second quarter record. All houses valued $500k or under now have less than one month of inventory. In fact, the number of listings available fell to a 20-year low in all price ranges. This is due to the rapid growth in population fueled by the Huntsville job market. While Huntsville just became the largest city here in Alabama, its metro area is still less than half the size of the Birmingham-Hoover Metro according to AL.com, which is another key contributor to the lack of housing inventory.
Home Sales & Prices
Days on market hit another record breaking stat by falling 60% for a low of only 12 days while the median sales price rose up to $285,000 in Madison County. While many thought the real estate market would begin to slow down it is only continuing to grow. This presses the need for more inventory as we look forward to welcoming thousands of new neighbors over the next few years after the recent news of being the top 3 places to live in the U.S. according to U.S. News & World Report.
What Does This Mean for Home Sellers & Home Buyers?
If you are a home seller or buyer, it is better to take action now! The rapid population growth will only continue to expand as families continue to relocate into the Northern Alabama 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.