HUNTSVILLE — North Alabama’s strong economy, job growth and a quality of life drenched in abundant natural beauty continues to fuel population growth in the region. As a result, the region’s housing market remains solid.
“North Alabama is a national leader in economic growth, job creation, and opportunities for home buyers and investors,” said Jeremy Walker, CEO of the Alabama Association of Realtors. “The region’s real estate market has remained strong providing homeowners with stability despite challenging market conditions across the country.”
There are nearly 3,000 homes available for sale in 10 North Alabama counties, according to a June 2023 report from the Valley MLS. The average sales price is $342,000 in the combined markets of Limestone, DeKalb, Etowah, Cherokee, Madison, Jackson, Marshall, Morgan, and Lawrence counties.
HAAR President Chris Hulser-Hoover said Huntsville-Madison County continues to be an attractive market.
“This year has shown us a local real estate market on solid ground,” Hulser-Hoover said. “As homebuyers and Realtors explore Madison County, they’re seeing a market that enables more time and negotiation as housing inventory has time to recover.
“That’s great to see anywhere, especially when real estate makes up such a large part of our local economy.”
Housing accessibility remains a priority, according to Hulser-Hoover.
“Moving forward, our top priority is a market where people can afford homes at all price points,” she said. “Homeownership should be in reach for all income levels, and that’s our goal at the Huntsville Alabama Association of Realtors.”
The Shoals is also seeing accelerated population growth. According to the Public Affairs Research Council of Alabama, the metropolitan statistical areas of Huntsville, Decatur and the Shoals saw the most growth in the state last year.
According to the Shoals Area Association of Realtors, there are 325 active MLS residential listings in Lauderdale, Colbert and Franklin counties.
“The average list price is $404,591,” said Stephanie Flanagan, CEO of the Shoals Area Association of Realtors. “Last year’s average list price for properties that sold during the first six months of the year was $245,734.
“Noticeably, the median list price for active listings now vs the median list price of sold properties first half of 2022 is almost 100k higher this year.”
Flanagan said home sales have slowed this year; the Shoals Area has seen a 26% decrease in residential sales for the first half of the year compared to the first half of 2022.
“Low inventory and higher mortgage interest rates are the key reasons,” said Flanagan.
Much like other markets in North Alabama, the Shoals remains an attractive market for housing, she said.
“From families with children to retirees, the Shoals and the entire North Alabama region area is wonderful place to live in every stage of life,” Flanagan said.
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