According to ValleyMLS.com, May home sales in the Huntsville area increased 8.7% year-over-year from 665 to 723 closed transactions. Following seasonal trends, sales increased 23.4% from April. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: May listings (2,167) increased 9.8% from April and increased 48.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, down 0.4 from April, and up from 2.2 months in May 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in May was $340,000, a decrease of 0.3% from one year ago and an increase of 1.1% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in May averaged 37 days on the market (DOM), 3 days slower than May 2023.
Forecast: May sales were 66 units, or 10.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 657 sales for the month, while actual sales were 723 units. ACRE forecast a total of 2,781 residential sales in the area year-to-date, while there were 2,768 actual sales through May, a difference of 0.5%.
New Construction: The 271 new homes sold represent 37.5% of all residential sales in the area in May. Total sales increased 32.8% year-over-year. The median sales price in May was $350,990, an increase of 1.4% from April and a decrease of 1.1% from one year ago.
Click here to view the entire monthly report.
The Huntsville Area Residential Monthly Report is developed in connection with the Huntsville Area Association of Realtors.
