Report foresees successful year for area home buyers, sellers

HUNTSVILLE — The future for the region’s housing market appears bright.

That’s according to a report from the Huntsville Area Association of Realtors and the University of Alabama in Huntsville College of Business.

“While these reports can’t predict the future, our latest data reflects a stable market that continues to provide value for homeowners,” said HAAR CEO Kurtis Krueger. “As mortgage rates trickle down and warmer months are on the horizon, the north Alabama market is prime for another successful year for buyers and sellers alike.”

Standout facts from the 2023 Annual Recap include:

• Inventory of listed homes experienced consistent growth throughout 2023 compared to the previous year.
• Total units sold in 2023 reached 6,820, reflecting an 18.4% decrease from the figures recorded in 2022.
• 2023 marked the second consecutive year witnessing a decline in homes sales in Madison County, following a consistent upward trend from 2014 to 2021.
• Of the homes sold in 2023, 66% were existing homes, while 32% were new constructions.
• Despite a shift toward higher price values impacting housing accessibility for lower-income families, the annual median sales price experienced a slight decrease. The robust economic growth in the region, coupled with this adjustment, continues to provide first-time homebuyers with opportunities to enter the market.