According to ValleyMLS.com, November home sales in the Huntsville area increased 14.7% year-over-year from 475 to 545 closed transactions. Following seasonal trends, sales decreased 3.4% from October. Sales are up 4.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: November listings (2,513) decreased 2.3% from October and increased 35.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.6 months, constant with 4.6 in October, and up from 3.9 months in November 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 November was $319,000, a decrease of 1.2% from one year ago and a decrease of 3.3% from October. 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 November averaged 55 days on the market (DOM), 22 days slower than November 2023.
Forecast: November sales were 58 units, or 12.0%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 487 sales for the month, while actual sales were 545 units. ACRE forecasted a total of 6,369 residential sales in the area year-to-date, while there were 6,532 actual sales through November, a difference of 2.6%.
New Construction: The 233 new homes sold represent 42.8% of all residential sales in the area in November. Total sales increased 42.9% year-over-year. The median sales price in November was $310,990, a decrease of 8.7% from October and a decrease of 12.1% 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.
