HUNTSVILLE, Ala. (WAFF) - The city of Huntsville is growing, and the housing market across North Alabama is benefiting.
Housing experts note a few major trends, but the key takeaway is that North Alabama needs more homes to put on the market!
As more and more people move to the area, homes are being sold at a record level and pace, resulting in low inventory.
Cindi Peters-Tanner, the chair of ValleyMLS.com says the market slowed down a bit when the pandemic first hit, but not significantly. In fact, Peters-Tanner says residential real estate prices continue to rise while the number of homes sold remains at a record level.
Also, houses stayed on the market for less than three weeks in the market’s third quarter, exactly half as long as this time last year.
Take a look at the most recent numbers from ValleyMLS.
Madison County in October
- 839 homes sold
- 832 homes on the market (First time in more than 20 years that inventory dipped below 1,000.)
- Average sale price: $284,000
- Average days on market: 16
Peters-Tanner says people of all ages and buyer experience are taking advantage of the low interest rates.
“We are actually seeing the first-time home buyers jumping in the market, no problems, no fears. They are not necessarily buying just whatever they can afford, they are finding out they can afford, with these low interest rates really great houses, new construction and resale, they can get in comfortably even below their rent.”
In addition, Peters-Tanner says she has seen an increase in the number of people buying or seeking land.
“Remember, we all know how to work zoom now and everyone can work from home,” she said. “The companies that are growing are going to take advantage of that so people don’t have to work five minutes from their job anymore. They can work from home in any of our outlining areas and they may rarely have to go into the office.”
The bottom line is that interest rates are low, people are looking to buy and homes of all kinds are in high demand.
If you want to sell, Peters-Tanner says now is the time.