HUNTSVILLE – Statistics have been released within housing for the first month of the year, and signs point to shifting trends in the market behind a drop in mortgage rates.
That’s according to the numbers as the Huntsville Area Association of Realtors (HAAR) released its Monthly Housing Fast Stats from January 2024 from ValleyMLS.com. The median sales price exhibited positive growth, increasing by 1.6% to $300,000 for single family homes and $239,900 for townhouse/condo homes.
New listings are up from December 2023, but down from the previous year. Homes are averaging over 40 days on the market, giving buyers time to negotiate a deal. The Days on Market increase inclines moving away from multiple offers and all-cash down payments that the pandemic and 2021 brought.
The Fast Stats reflect a market that continues to stabilize while providing growing value for homeowners, the association said. As mortgage rates continue to trickle down with warmer months on the horizon, the North Alabama market is prime for another successful year for buyers and sellers alike.
“The real estate landscape in January 2024 suggests shifting trends. While existing-home sales experienced a marginal dip in the Combined Market and year-over-year decline, the market exhibited signs of resilience,” HAAR CEO Kurtis Krueger said. “A notable 8.6 percent surge in pending sales, the most significant since June 2020, suggests a rebound as homebuyers, encouraged by a significant drop in mortgage rates, step back into the arena.”
The ValleyMLS.com coverage area comprises nine counties: Madison, Morgan, Lawrence, Limestone, Dekalb, Etowah, Cherokee, Jackson and Marshall.
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