According to ValleyMLS.com, October home sales in the Huntsville area increased 8.7% year-over-year from 519 to 564 closed transactions. Following seasonal trends, sales decreased 9.5% from September. Sales are up 3.3% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: October listings (2,571) decreased 2.4% from September and increased 36.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.6 months, up from 4.2 in September, and up from 3.6 months in October 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 October was $330,000, a decrease of 2.9% from one year ago and a decrease of 2.5% from September. 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 October averaged 47 days on the market (DOM), 16 days slower than October 2023.
Forecast: October sales were 32 units, or 6.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 532 sales for the month, while actual sales were 564 units. ACRE forecasted a total of 5,882 residential sales in the area year-to-date, while there were 5,987 actual sales through October, a difference of 1.8%.
New Construction: The 202 new homes sold represent 35.8% of all residential sales in the area in October. Total sales increased 32.0% year-over-year. The median sales price in October was $340,450, a decrease of 0.1% from September and a decrease of 8.7% from one year ago.
Click here to view the entire monthly report.
