Headlines vs. Reality
You may be hearing national media headlines talking about a small slowdown in the housing market driven by something called “buyer fatigue.” In fact, surveys of buyer traffic across the country by the National Association of Realtors in April, May, and June, show that buyer traffic has declined from “very strong” to just “strong” in more than half the states, including Alabama.
As with all things real estate, however, the thing that matters most in the discussion is always location, location, location. And the Huntsville area is somewhat unique. According to the Huntsville Madison County Chamber of Commerce, Huntsville leads the U.S. in 2021 economic growth.
The Huntsville Area Real Estate Economics Report for Q2 of 2021 which was released earlier today, shows the local housing market continues to reflect the results of that growth – with high demand for housing and continued low inventory of available homes:
- The Madison County residential real estate market continued to rise in volume and price.
- The median sales price rose to $285,000 this quarter, an increase of more than 14.6% above 2Q 2020.
- The number of homes sold priced above $250,000 rose significantly and homes above $500,000 doubled
- Listings of homes fell in all price bands compared to Q2 2020 led by an 86% drop in homes priced
between $200,00 – $250,000.
With continued job growth forecasted for our area , Huntsville was recently ranked No. 5 on SmartAsset.com’s Top 10 Places for Career Opportunities in the U.S. Huntsville ranked No. 1 in Midsize Metros with the most economic growth in 2021 (Here are the details on that.)
With the increase in population driven by that job growth, these trends are expected to continue, and shortfall of supply vs. demand is predicted to get worse in the third quarter.
Whether you are buying or selling, knowledge is power. Use the information below to connect with us to discuss how these statistics impact your specific situation: