Real Estate Update: August Report Shows Residential Trends Continuing

The Huntsville Area Association of Realtors has released its monthly report for the month of August, 2022. 

Madison County homes spent an average of 11 days on the market, a stark contrast to the national average of 42 days. 

Despite the continued quick pace of sales in the county, Madison County experienced a 100% increase in the number of residential units in inventory since August of last year. This has resulted in a slight dip in the average value of 6% since June, but the continued upward trend of prices still holds, as the average price is up 11% from August of 2021. 

The combination of that slight price dip and larger inventory of available units can make for a strong pitch for realtors looking to convince would-be buyers that this is a good time to buy; there is a wide variety of units available to suit the tastes of various clients, and while the market is beginning to settle from the pandemic, there is no reason to assume that prices won’t continue to rise over the long term – though more of a steady, holistic rise of a booming city’s expansion instead of an unstable, frenzied bubble. 

According to realtor.com’s national report, the national average listing price of $435,000 had declined from the previous month’s high-water mark of $450,000. Madison County’s average price continues to slide in below that national average, with August’s average of $367,000 reflecting that 6% dip from July’s $391,000 benchmark, but that is still higher than August of last year’s price of only $330,000. 

With many businesses looking to open branches or transfer operations to Huntsville, it will continue to be important to emphasize units with easy access to the growing business and research facilities in town. Redstone Gateway is currently greenlit to begin construction on a new, multi-story office building on Rideout Road, and the University of Alabama is at the center of a massive renewal project. With both projects placing a strong emphasis on green space, beautification, walkable infrastructure and employee amenities, property around the two developments could well experience a rise in value specific to those locations. 

As always, the Huntsville Business Journal will keep its readership informed of these developments, and will continue to track real estate trends for our fair city.