More jobs headed to Huntsville and the impact on the housing market

Updated: Oct. 2, 2020 at 5:19 PM CDT
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HUNTSVILLE, Ala. (WAFF) - Earlier this week we told you more than 500 new jobs were coming to Huntsville.

Our Kate Smith spoke to a local real estate agent about how the job front is impacting the housing market.

It is no secret the Huntsville housing market is booming, but with thousands of more jobs headed this way.

“Homes aren’t affordable as they used to be. Affordability is still good compared to the rest of the country, but it is not as affordable as it once was in Huntsville,” said Century 21 broker and owner Liz Power.

Power said her staff is seeing an increase in prices and construction costs.

“Prices have gone way up, values are high. Supply and demand,” said Power. tracks market statistics across north Alabama.

In August the median price of a single-family home was nearly $233,000. That’s up more than $30,000 from last year.

“People who have been on the fence about selling their homes, typically decide hey now might be a good time to sell because they know there is going to be a huge influx of buyers," Power added.

The catch: Power said inventory is down. It’s 24% lower than this time last year.

Mark York can attest. He buys, flips, and sells homes in the Huntsville Market.

“I found it on a Tuesday, we made an offer on Thursday, and had accepted by Saturday," said York.

He said buyers are offering more money than asking price and there is quick turnaround time from when the home is placed on the market.

Both are confident the future looks optimistic for those wanting to buy and sell in the Rocket City and surrounding area.

“How much the growth is moving outside of the Huntsville area, the Meridianville, the Hazel Green, Athens, Decatur, you’ll see the growth outside the city of Huntsville," said York.

“Probably the next 18 to 24 months, you can def expect the market to stay strong. The stronger that it stays the better it is for everybody,” said Power.

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