Real Estate Update: Madison County Weekly Update

The Huntsville Business Journal is proud to provide its readers with detailed information on the real estate market in Madison County, as compiled by ValleyMLS and the Huntsville Area Association of Realtors (HAAR). This week’s update analyzes residential real estate sales in Madison County for the week ending on October 15, 2022. 

Sales for both single-family units and townhouse/condominiums have slowed, with pending sales for single units decreasing 20.1% – a total of 123 sales – and townhouse sales decreasing 14.3%, marking only 6 sales total for that week. The number of new listings are down, with single-family unit listings down 21.1%, and townhouses seeing a similar slowdown, with listings decreasing 20% over that week. 

Inventory has risen as a result, with the number of single-family units up 91.06% – representing 1,305 units – and townhouse inventory up 147.1%, 84 units. 

These slowdowns actually spell good news for those looking to rent a home. Realtor.com has posted reports that the national median rent has dipped slightly over September, down to $1,759. That’s still pretty pricey, and 7.8% higher than the same month last year, however, September 2022 was the second month in a row to see the median rental price dip, however slightly, and the rate of annual growth in rental price is the lowest it has been since June of 2021. 

These represent the first indications that high inventory and the high rate of interest has begun to check the explosive price inflation of the last two years, which is a heartening sign to those who have struggled under the high costs of housing. 

As always, the Huntsville Business Journal will keep its readership apprised of market conditions in our weekly updates.