Housing market expected to skyrocket following Space Command announcement
HUNTSVILLE, Ala. (WAFF) - The Huntsville housing market is expected to take off over the next few years with more companies and employees headed to the area.
It’s a seller’s market, maybe more now than ever before, thanks to Wednesday’s Space Command announcement.
You can expect your home value to increase each year. With more buyers looking for a home than people selling, it could mean a chunk of change when you do decide to sell.
“Game changer no matter which way you look at it, I think it is incredible news for Huntsville,” said Liz Power with Century Power Homes .
The housing market in the Rocket City is expected to blast off with news that the U.S. Space Command will be headquartered at Redstone Arsenal.
“There is no inventory. There are more buyers out there looking for homes than homes that are available for purchase,” said Power. “There is even more indication in the economy with Space Command coming here that will continue. It is a great time to sell now. It will be a great time to sell in two years, three years.”
According to the Huntsville Area Association of Realtors, in 2020 there was a 25 percent increase in real estate sales in Madison County.
President Zelda Friedman said county officials and builders are working together to ensure there will be enough housing for the thousands expected to move to the area. “Keep each other connected about what is going on in the market and what is coming because it will effect all of us,” said Friedman.
She said the increase of sales says a lot about the confidence in the local economy and the future of Huntsville.
If you are considering buying a home, agents urge you to consider looking outside of city limits. More subdivisions in places like Meridianville, Arab, and Athens are starting to pop up to accommodate the expected influx.
“If you are originally looking in Huntsville and your realtor wants to show you options 10, 15, 20 minutes out, be open to that. Be open minded and see what the commute time is like and if that opens a better option up for you,” said Power.
Friedman said a lot of the out-of-towners who will move to the area are used to 45-minutes to an hour commute.
She said that’s good news for sellers outside of the city limits, it will help gain traction to some of our new neighbors.
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