Real Estate Update: Housing Inventory Doubles for Madison County

The Huntsville Area Association of Realtors has released real estate statistics for the month of June. In tandem with Realtor.com’s recent survey of the national market, these latest reports confirm that, with the pandemic conditions mitigated and new sellers entering the market, the inventory of single-family homes listed for sale in Madison County has more than doubled in one year, exceeding the 18.7% national rate of growth in active listing inventory. 

As posted on ValleyMLS.com, the number of homes on the market in June reached 1,055, up from 470 in June of last year. Houses spent an average of 8 days on the market, compared to the national average of 32 days, demonstrating that the Huntsville-Madison County real estate market is still quite hot. However, the rising interest rates may have a blunting effect on demand for future sales, as the cost of financing a home continues to increase. 

The HAAR report also shows a slight dip in homes sold in June of this year compared to last year – 865 from 951 – but those sales are up from the 795 sales made in May. 

The average cost of a home in Madison County appears to be holding steady at $382,000, and remains below the national average of $450,000, a 16.8% increase from June of last year. Future statistics gathered over the next few months will demonstrate the impacts of greater inventory and inflation on the price. As always, the Huntsville Business Journal will keep our readers apprised of these updates.