Real estate reports show South leads nation in NAR migration report
A new study released by the National Association of Realtors (NAR) shows that 46% of homebuyers who relocated in 2024 relocated to the South.
The next most popular region for relocating homebuyers was the West, at 25%.
30% of relocating homebuyers cited a desire to be closer to family and friends as the leading reason for their relocation, while 21% cited a desire to get more home for the money as their reason for relocating.
“It is no surprise that the Sun Belt states continue to attract movers within the U.S., but this report helps to highlight just how much the draw to be close to one’s friends and family drives a relocation,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “Home buyers continue to seek areas where their support systems are around them.”
Also on the national scale, more homes continue to come onto the market, with Realtor.com reporting that October of 2024 marked the highest level of homes for sale since December 2019. The number of homes for sale rose 29% year-over-year in October, which made 12 consecutive months of growth.
Homes spent an average of 58 days on the market in October; here in the Huntsville/Madison County market, homes spent an average of 47 days on market that same month, demonstrating that even a seasonally-sluggish market in Huntsville is still brisk compared to the national average.
The Huntsville Area Association of Realtors (HAAR) has released its weekly report, dating for the week of November 16.
The report shows an interesting quirk in townhouse/condo units, as sales of such units were up by 100% that week, while new listings declined by 41.2%. Inventory of townhouse units increased 109.1%.
Single-family units saw increases in both listings and pending sales, with new listings up by 11.7%, and pending sales up by 4.6%. Inventory of single-family units also increased, but not as much as townhouse units, with single-family units seeing a 21.7% increase in inventory.
The National Association of Realtors’ settlement resolving antitrust claims in the Sitzer/Burnett case has been granted final approval by the US District Court for the Western District of Missouri.
“As consumer champions, NAR’s members have been working tirelessly to implement the practice changes required by the settlement and shepherd consumers through this period of transition,” says NAR President Keven Sears. “The principles of transparency, competition, and choice are core to the settlement agreement and empower real estate professionals and consumers to negotiate the services and compensation that work for them.”
The Huntsville Business Journal will continue to monitor developments in the real estate market, both nationally and here at home.
