Wed. Sep 20th, 2023
    The Housing Market in North Alabama is Expanding: More Choices for Buyers

    According to a recent report from The Valley MLS, there are nearly 3,000 homes up for sale across 10 North Alabama counties. This presents an exciting opportunity for potential homebuyers, including Madison County resident Brennan Luckhart, whose journey to homeownership began in June. Luckhart shares that finding a house was not the problem; the challenge was timing it right with his decision to buy. He advises others to ensure their credit is in good standing, calculate their down payment and closing costs multiple times, and be prepared for unexpected expenses.

    In addition to the increase in available homes, attainable housing is expanding in Madison County, with new homes being built. Some of this attainable housing is listed in the $250,000 to $300,000 price range, providing more affordability for buyers. Chris Hulser-Hoover, the president of the Huntsville Area Association of Realtors (HAAR), highlights that this expanding market offers buyers more choices, preventing them from settling for the only available option. It also helps stabilize prices, avoiding drastic fluctuations as seen in the past.

    On the seller’s side, the impact of the expanding housing market is minimal. While houses may stay on the market slightly longer, sellers are still able to sell their properties at top-dollar prices and with easier terms compared to the market conditions several years ago. Hulser-Hoover emphasizes that despite the expanding market, Huntsville’s housing market stands out when it comes to inflation rates. The city has a lower inflation rate compared to the national average, challenging the negative perceptions presented by the national media. Overall, Huntsville is performing exceptionally well in the housing market compared to other parts of the country.

    Notably, for the third consecutive year, Huntsville has been recognized as one of the top three best places to live in the United States, as determined by U.S. News & World Report. This provides further validation of the city’s strong housing market and overall quality of life.

    In conclusion, the housing market in North Alabama, particularly in Madison County, is expanding. Buyers now have more options to choose from, leading to more stable prices. Sellers, although experiencing a slightly longer time on the market, are still able to fetch top-dollar prices. Huntsville’s housing market continues to outperform national trends, offering lower inflation rates and contributing to the city’s reputation as one of the best places to live in the country.

    – The Valley MLS
    – Huntsville Area Association of Realtors (HAAR)
    – U.S. News & World Report