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September 17, 2021
The Huntsville Business Journal reports that Huntsville tops the list of small metro areas with the biggest rent hikes nationwide. veals that the housing market in Huntsville is the healthiest in Alabama. Healthy housing markets are those that are stable, affordable, fluid, and have a minimal risk of loss. Those factors are important for homeowners, tenants, and rental property investors.
Remote real estate investors thinking about buying a rental property in Huntsville may not to wait too long. The Alabama Center for Real Estate (ACRE) reports that while the median sales price for homes in Huntsville-Madison County have remained unchanged year-over-year, there is only a 1 month supply of homes on the market.
This means that the housing market in Huntsville strongly favors sellers. As the National Association of Realtors (NAR) notes, a six month supply of homes indicates a relatively balanced market, while any supply less than six months tends to push prices up more rapidly.
Key Market Stats:
Zillow Home Value Index for Huntsville is $220,986 (as of May 2021).
Homes values in Huntsville increased by 16.3% over the past year.
The median listing price of a house in Huntsville is $270,000, according to Realtor.com (as of May 2021).
Square foot listing price of a home in Huntsville is $129.
Average days on market is 9, while inventory for sale is at an all time low (May 2021).
Sales of homes in Huntsville is up 4% year-over-year, while the supply of homes for sale is down 58% over the same time period.
Of the seven neighborhoods in Huntsville, McMullen Cove is the most expensive to buy a house, with a median listing price of $549,900.
Merrimack District is the most affordable neighborhood in Huntsville, with a median listing price of $125,000.