In the third quarter of 2022 home prices continued to increase with 38% of homes in Q3 selling above average list price. Madison County’s population now exceeds 400,000 and the workforce in September totaled 196,420, an increase of 4,200 from 2021.
The inventory of homes rose 95 percent to 1,496 at the end of September, with the largest rise in the $650,000 to $800,000 price range. The Q3 listings almost doubled the 2021 Q3 listings. The Huntsville Area Association of Realtors market report breaks down the numbers of Q3 and what that means for buyers and sellers in the North Alabama market.
- Median sales price rose to $336,000. That’s 14% above the 2021 third quarter.
- The largest number of listed homes was in the $350,000 to $500,000 price range.
- Sale of homes priced between $650,000 and $800,000 rose 63.3%.
- Sales of homes priced below $300,000 continued to fall from Q3 2021 levels.
- The consumer inflation rate remained at 8.2%.