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Huntsville area housing prices cooling

HUNTSVILLE — The Huntsville area housing market is becoming a buyer’s market, according to the latest figures from the University of Alabama in Huntsville College of Business and the Huntsville Area Association of Realtors.

“The Madison County market is seeing relief as attainable housing is expanding – especially in that $250,000 price range,” said HAAR President Chris .Buyers have more options and sellers have more time to negotiate a deal they’re comfortable with.”

The  Real Estate Economics Report for the second quarter showed a 224% increase in the number of homes available in the $250,000-$300,000 price range, compared to a year ago.

Many new-home construction is happening in Madison County, especially in the $250-$300k range,” Hulser-Hoover said. “Since the pandemic, we have had low inventory in this price range, and construction has picked up, allowing buyers at diverse price points to enter the housing market.”

In fact, for all price ranges, the number of homes on the market are showing a marked increase, compared to the second quarter of 2022. The report said the number of houses sold declined last quarter compared to 2019, 2020, 2021, 2022 2Q levels.

As the number of homes on the market increases, the prices come down.

“The sales price drop is correlated with the increase in housing inventory,” Hulser-Hoover said. “Homes on the market have doubled since 2022, allowing inflated pricing to come down and the market to begin normalizing.

“The price drop affects all buyers, giving them more flexibility to navigate the market.”

Hulser-Hoover said that, overall, the area housing market is healthy with more houses becoming available.

“According to the National Association of Realtors, the housing recession is over,” Hulser-Hoover said. “Historically, Huntsville’s housing market has stayed way below the inflation rate comparatively to other markets across the county.

“While there is work to be done, Madison County is healthy, and more homes are coming on the market at lower price points, allowing buyers to invest in homes.”

To view or download a copy of the Q2 Real Estate Economics Report: CLICK HERE.

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