In short, the quarterly number of homes sold in Madison County continues to be greater than the
number of homes available for sale at the end of the prior quarter. Sustaining this trend grows more
difficult since this gap drives prices higher and requires more homeowners to put their home on the
market.
With the growth in population driven by job growth, it may be unrealistic to assume that
there is an unlimited number of homeowners willing to sell while prices are rising. Constructing
new homes is critical to meet the demand for residential real estate in Madison County for the
forseeable future. Major changes in factors such as mortgage rates, construction materials cost,
availability of rental properties, etc., could quickly influence the momentum of the residential real
estate market even in a county with a growing workforce.