The Huntsville Area Association of Realtors (HAAR) has released their monthly report on the state of the local residential real estate market, analyzing sales in Huntsville-Madison County for the month of May.

Homes continued the trend of staying on the market much longer than the previous year, with homes spending an average of 34 days on the market, compared to merely 8 the May previous.

However, this may not necessarily be a bad thing, especially for prospective buyers, who have been reeling from the double-hit of inflation and the subsequent rising interest rates meant to combat it. With homes staying on the market longer, that gives buyers more options for negotiating more favorable terms. Indeed, before these corrections, the pace of selling was, for lack of a better term, feverish, a rapid pace that simply could not be stable over the long-term.

With that said, the average sale price has continued to creep upwards, reaching $387K in May, a $5K increase over the previous year.

The total number of homes sold dipped, 665, down from 795 in May 2022. The amount of inventory on the market has continued to increase, up to 1460 homes available from 879 last year.

HAAR President Chris Hulser weighed in on this report in a statement given to the Huntsville Business Journal.

“Our latest stats show a real estate market with strong foundations,” said Hulser. “As homebuyers and their Realtors travel North Alabama neighborhoods, they’re seeing a market that allows for more time and negotiation. These numbers are great to see in any market, even considering the break-neck pace we saw in the last two years. Moving forward, our top priority is supporting more inventory at every price point. The American Dream of owning a home should be available to all income levels, and that’s what we’re working toward.”

Check the Real Estate Update’s Special Edition for tips on financing a home purchase. As always, we here at the Huntsville Business Journal will continue to monitor the state of our local real estate market, to bring you the information you need to make the best choice.