In the first quarter of 2023, the number of available homes rose across all price ranges. The total number of available homes for 1Q is 171.5% more than 1Q in 2022. The average days on the market increased to 33 days.
Sales for homes priced below $300,000 continued to decline in 1Q 2023 compared to 1Q 2021 and 1Q 2022 levels. Sales for homes priced $300,000-$650,000 were higher than 1Q 2021 but less than 1Q 2022 levels.
However, sales for homes priced above $650,000 increased compared to 1Q 2021 and 1Q 2022. The available homes rose significantly across all price ranges compared to 1Q 2022. The average number of available homes for 1Q 2023 (1,430) was significantly more than 1Q 2022 (524) but slightly less than 4Q 2022 (1,598).
The new construction inventory significantly increased over the last year compared to the existing home inventory. The average new construction inventory for 1Q 2023 is 840 which is almost 200% more than Q1 2022 (288).
1Q Insights:
Median sales price rose to $329,610. That’s 2.3% above the 2022 first quarter.
The highest inventory level remains in the $350,000 and $500,000 price range. Madison County’s workforce grew by 2.3% from the 2022 average through March 2023. The number of available homes rose significantly across all price ranges. The total number of available homes for 1Q 2023 (1,393) is 171.5% more than 1Q 2022.
Source: Huntsville Area Association of Realtors