HUNTSVILLE – The median sale prices for single-family homes rose slightly while dramatic increases were seen in townhouses and condos according to monthly fast stats for May.
The Huntsville Area Association of Realtors has released its Monthly Housing Fast Stats for May from ValleyMLS.com. New listings for single-family homes increased by 12.8 percent to $349,950 and townhouses/condos surged by 55.8 percent to $301,351. Those numbers reflect the demand in the area.
Higher borrowing costs and home prices have impacted demand in Huntsville, mirroring national trends, but the market remains active with significant new listings and growing inventory, as well as more affordable when compared to national numbers.
“This month’s snapshot shows more sales and listings, but barriers remain for first-time buyers and others to achieve the ‘American Dream’ of owning a home,’’ said HAAR CEO Kurtis Krueger. “Home values show signs of stabilizing but will continue to climb. More options must become available for middle- and lower-income families.”
Despite the rising prices, the Huntsville market is attracting buyers, particularly in the townhouse/condo segment, which saw pending sales increase by 31.4 percent.
Key highlights from May 2024 Fast Stats:
- Inventory grew 24.7% for single-family homes and tripled townhouse/condos by 81%.
- Days on the market were up 8.6% for single-family homes and 72.7% for townhouse/condos in Huntsville/Madison County.
- Average days on the market is 38 for single-family homes and townhouse/condos.
- Months’ supply of inventory increased to 3.3 months for single-family homes and 4.1 months for townhouses/condos in Huntsville/Madison County.
The ValleyMLS.com coverage area comprises nine counties in North Alabama: Madison, Morgan, Lawrence, Limestone, Dekalb, Etowah, Cherokee, Jackson, and Marshall.
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