In partnership with the UAH Center for Management & Economic Research, the Huntsville Area Association of REALTORSĀ® (HAAR) has released its 2024 Q3 Real Estate Economics Report, which reflects key indicators in our unique local housing market. Standout facts are below.
The number of units on the market continued to increase. The average inventory of homes listed for sale for the quarter was 2633 listings, this is the highest quarter average since 2016.
The numberof listings in September 2024 was over 45% higher than the September 2023 level (1807). The new construction inventory was 1150 at the end of September 2024 which was around 44% of the total inventory.
Home sales are relatively flat. 1970 homes sold in 3Q 2024 versus 1858 in 3Q 2023, only 6% increase. Around 33% of sales this quarter were newly constructed.
The median sales price increased by 1.6% compared to 3Q 2023. However, it slightly decreased compared to the previous quarter ($339,452).
Average sales price was up by around $9,000 compared to the 3Q 2023 level. Average days on market rose to 39 days which is 50% increase from the 3Q 2023 level (26 days).
Months of supply for all homes increased by around 50% compared to 3Q 2023.
