Real Estate Update: A Return to Pre-Pandemic Market Conditions

The Huntsville Area Association of Realtors’ (HAAR) report for the month of July has been released. These figures suggest that the reverberations of the pandemic disruptions to the residential real estate market have largely settled out. 

802 homes sold in Madison County last month, down from 930 sold in July of 2021, and even a bit below the 863 sold in July of 2019, the last year before the Coronavirus pandemic. There were 1,273 homes on the market, almost twice the available inventory of the previous year, and closer to the 1,231 reported available in 2019. 

Of particular interest is that the average sales price of a home in Madison County last month – $391k – is still below the national average, as reported by the National Association of Realtors, but only just. With the national average sitting at $410,600, the gap in housing cost is shrinking. 

With homes spending an average of 11 days on the market in Madison County last month, sales are still brisk, but slowing just a bit from June’s 8-day average. 

With inventory and listing periods more in-line with pre-pandemic levels, it appears that the Huntsville-Madison County real estate market has gone into a slightly less frenetic, but still quite brisk growth. It’s the sort of growth more typical of a city experiencing something of a boom instead of the aberrant, more unstable growth that came about as a result of destabilizing market disruptions and panic buying.

For more information, please visit HAAR’s website here.