The Third Quarter real estate market is making history. With days on market hitting an all time low and new quarterly sales records, it would not be surprising if the real estate market continues to spike during the holiday season.
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:
- Inventory of homes rose from the second quarter to the third quarter – the first third quarter rise in seven years
- Sales level set a new quarterly sales record at 2,726
- Median sales price rose 14.7% from third quarter 2020 to $292,457
- Sales of homes priced below $250,000 fell more than 30% from third quarter 2020 levels
- Days on market dropped to 8 days in September – the lowest monthly level in 20 years
- There were 1,476 more homes sold in the third quarter than were on the market at the end of June
The Breakdown
Sales & Inventory
While the number of homes for sale increased by 49% from the second quarter average we still are at record low levels. While this increase is a positive indicator for the housing market ,home prices are still on the rise by 14.7% over the 2020 third quarter. This is due to significant growth in Madison County’s population which is being driven by the growth in employment opportunities.
Home Sales & Prices
Days on market fell to an all time low in 20 years to 8 days in September while sales levels set a new quarterly sales record of 2,726. The median sales price, now at $292,457, experienced another double-digit increase for the third quarter. While the median sales price remains significantly above the 2020 monthly levels it did demonstrate a normal seasonal pattern of a slight drop in August and September.
What Does This Mean for Home Sellers & Home Buyers?
If you are a home seller or buyer, it is better to take action now. However, many sellers have been wondering “Where will we move to if we sell our home?”
For our clients that are looking to sell their home, but want the security of having a new place first, our Buy Before You List program is the solution. We will buy your current home immediately, which will allow you to submit a more competitive offer on your next home! Buying or selling a home can seem like a daunting task, but our team is constantly innovating to make sure our clients have the competitive edge.
To learn more about the market view the full HAAR report here.
