Huntsville Real Estate Market Ends 2019 on a High Note

The Huntsville Real Estate Market set a record pace throughout 2019, ending the year on a high note. The Huntsville Area Association of REALTORSĀ® (HAAR) 4th Quarter Real Estate Economic Report, conducted by UAH, found sales grew by more than 15% compared to the same quarter in 2018, with 1,995 homes sold in the quarter.

ā€œWe witnessed major growth in our industry last year, as more choose to make Madison County their home. While this is great news for our city and industry, it also presents challenges as inventory reached historic lows in December with less than 1,000 available homes for sale,ā€ said HAAR President Sha Jarboe. ā€œThis report reinforces the need for attainable housing in our area and, as community advocates, REALTORSĀ® stand ready to work with our local builders to make sure they have the skilled labor they need to meet our areaā€™s construction needs. We also look forward to our continued collaboration with local leaders to support sensible laws that support the American Dream of homeownership.

Key Takeaways

  • Prices of homes sold continued to rise significantly from 2018. Median sales price rose 11% to $239,643 and average sales price increased 7% to $258,014. The price escalation can be seen in the decline in the number of homes sold in the less-than-$150,000 homes and significant increases in the $200,000-$250,000 (20.5%) and the greater than-$350,000 range (18.5%).
  • Average monthly pending sales rose to 456, up 16.6% from the 2018 4th quarter level.
  • Inventory of homes available for sale fell to the lowest level since 2001 with only 993 homes listed at yearā€™s end.
  • The average days on market for the quarter was 35 days, down from 38 in the 3rd quarter and from 48 in the 4th quarter 2018. At this level of sales, there was an average of only 1.3 months of supply during the quarter.

To read the full Q4 Real Estate Economic Report as well as past reports, please visit HAAR releases quarterly economic reports as well as periodic special reports tracking trends in the local and regional Real Estate market.