Q1 Real Estate Economics Report is Here!
Posted on 05/20/2024
In partnership with the UAH Center for Management & Economic Research, the Huntsville Area Association of REALTORS® has released its 2024 Q1 Real Estate Economics Report, which reflects key indicators in our unique local housing market.
2024 Q1 Recap:
Average ‘Days on Market’ increased to 44 days. That is 33% more than the 33 days in Q1 2023 and 35% more than 2023 average (31 days).
Average number of available homes rose across all price ranges except the $650-$800k price band compared to 1Q 2023.
Sales of homes priced below $250,000 continued to decline in 1Q 2024 compared to 1Q 2023, 1Q 2022 levels.
Months of supply for all homes is 3.6 months, over 24% more than 1Q 2023 value.
A total of 1,459 units sold in 1Q 2024 in Madison County.
Median sales price slightly decreased to $325,000.
Inflation rate rose to 3.5% in March 2024 compared to 3.2% in Feb 2024.