According to data from the Alabama Center for Real Estate, 2021 was a record year for home sales in the Huntsville area. This is quite unsurprising considering the whirlwind year in the real estate market across the country. However, in 2022, we’re already seeing some significant changes in trends. Read on for official Madison County data.
Let’s break it down
After being stuck inside for the pandemic, people were vying for a change of scenery. As a result, demand was higher than ever for new homes.
ACRE reported that low interest rates, low inventory and lots of competition created a strong seller’s market for most of the year.
Thanks to these factors, 2021 was a record year for home sales in Huntsville/Madison County. 9,569 homes were sold, resulting in a 5.3% increase from 2020. High demand amid low inventory led to a consistent increase in sales prices, averaging out at $319,431 for 2021.
Last year, there were an average of 598 properties listed for sale in the Huntsville area—a 35.3% drop from 2020.
The properties were flying off the market, with an average of 13 days per listing. To compare, the average number of days on the market was 27 in 2020.
In February 2022, the average number of days on the market has already dropped further, to 11.
What’s 2022 looking like?
With data from the Huntsville Area Association of Realtors, we can deduct a few things from the January + February 2022 market.
Year over year, January home sales in Huntsville slowed down a bit, falling 15.1%. Low inventory is a major reason for this, as home listings dropped below 550 for the first time since June 2021.
In February, home sales were picking up slightly, with 574 sold, but inventory continued to drop, with 511 home listings.
“More inventory would definitely result in more sales as the area has a growing population and robust economy.”Stuart Norton, Associate Director, Alabama Center for Real Estate
The median home sales price increased almost 20% compared to January 2021, 5% higher than the national average.
Huntsville’s growing economy attracts lots of out-of-state residents, which as a result has been pushing the home sales price higher than the statewide average. In February 2022, the average sale price in Huntsville rose to $356K, over $20K higher than January.
Stats at a glance
Here we can take a look at the difference a year makes for the Huntsville housing market, according to data from the Huntsville Area Association of Realtors.
- Houses sold: 617
- # houses on market: 594
- Avg. sale price: $280,370
- Avg. days on market: 18
- Houses sold: 524 ⬇️
- # houses on market: 547 ⬇️
- Avg. sale price: $334K ⬆️
- Avg. days on market: 13 ⬇️
- Houses sold: 589
- # houses on market: 549
- Avg. sale price: $292,583
- Avg. days on market: 20
- Houses sold: 574 ⬇️
- # houses on market: 511 ⬇️
- Avg. sale price: $356K ⬆️
- Avg. days on market: 11 ⬇️
Looking to buy in Huntsville? See what our content producer Emily found while looking for a home in December:
- I looked into the housing market in Huntsville as a prospective first-time home buyer—check out what I found
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