The Madison County real estate market has maintained its traditional high-volume summer business, despite pandemic-related uncertainty and downturn in other local economic sectors, according to a recent study by the Huntsville Area Association of Realtors.
The group, in partnership with the University of Alabama-Huntsville College of Business, released its second quarter Huntsville Area Real Estate Economics Report, which showed the local housing market continues to avoid most negative consequences of the COVID-19 economic downturn when compared to other sectors of the Madison County economy.
“We are thrilled to see this level of production that we typically see during the summer months,” said Sha Jarboe, 2020 HAAR President. “Not only is it a welcome sign of normalcy, but it shows the hustle of our members while they demonstrate responsible ways of doing business that maintains the health and safety of their clients and themselves.”
The report also showed there was a significant increase in the median sales price at $248,680 from $233,688 in the first quarter. Houses were also on the market an average of 29 days, compared to 45 days this time last year.
While listings are low due to a low inventory of houses, there was an increase of 295 from the first three months of 2020.
The quarterly reports are available at HAAR’s website, HAAR.realtor.