Real Estate Update: Recent monthly stats show continued slump

The Huntsville Area Association of Realtors (HAAR) has released their monthly report for November of 2023. 

The amount of inventory available in the Huntsville/Madison County Market has continued to grow, with a total of 1856 units available, up from 1631 in November 2022. 

However, the average sales price has continued to rise, up to $375k from $365k last year. 

HAAR President Chris Hulser-Hoover, citing a report done by realtor.com, predicts that this rise will be checked to some degree in 2024.

“As we look ahead to the 2024 housing market, interest rates are projected to decrease by 0.1%, and home prices are predicted to decrease by 2%,” said Hulser-Hoover.

The number of homes sold in November dipped this year, down to 475 from 533 in 2022, with 865 pending sales that month. 

The average days on market has doubled to 33 from only 16 in 2022. However, this is still faster than the national average of 52 days on market, as reported by realtor.com. 

One bright spot in this week’s real estate news is the Zumper Annual Rent Report, which indicates that rental prices could halt their rise, or even see a mild decrease in 2024. This change in momentum is credited to the new supply in inventory coming online. 

The question for Huntsville in 2024 appears to be whether or not the new inventory coming online will be able to meet the demand for both buyers and renters. 

Keep reading the Huntsville Business Journal for more updates on the real estate market.