Housing market is booming in North Alabama
HUNTSVILLE, AL (WAFF) - Home sales in North Alabama are on the rise.
A newly released report by The Huntsville Area Association of Realtors shows a 9 percent spike in 2016 sales. That's compared to the number of homes sold back in 2015.
The average price of a home last year in Huntsville was $181,000, a 6 percent rise over 2015 where the average was $171,000.
"We have seen more homes selling per month and there's been a steady increase for the last few years in the area," said Cindi Peters-Tanner with North Alabama Multiple Listing Service.
Huntsville realtors say with the steadily rising interest rates, the housing market is still in good shape.
"What we're also seeing is our inventory is dropping. So, in January of last year, we had 6,000 homes on the market, in January of this year, we had 5,000 homes on the market. That's great. We're starting to see the change."
Experts say now's the time to buy and not the time to be fearful of rising rates.
The organization says the best news is for sellers because the average home stayed on the market about 90 days last year.
The North Alabama Multiple Listing Service represents homes sold 9 counties in North Alabama.
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