The Huntsville housing market is hotter than ever before. Just like the city, the housing market is expecting to see large growth in the next year.
On average, homes are only staying on the market for nine days.
Chris Wiley just sold his home. He said he saw firsthand how competitive the housing market is.
“We ended up having seven total bids,” said Wiley.
Three days after making his home an active listing he had offer after offer.
“We hadn’t even had any viewings,” said Wiley. “We were going to have an open house and have people come and check it out but the market is so crazy right now.”
President of Huntsville Area Association of Realtors Zelda Friedman said this is happening with nearly every house on the market.
“In this market, it is pretty common because the inventory is low,” said Friedman. “We don’t have enough homes on the market for all the buyers.”
Friedman said the prices of homes are based on what is going on in the market. Prices are skyrocketing when biding becomes involved.
Friedman and Wiley said this area is attracting buyers. First, they come for a job, then they fall in love with the area, and make Huntsville their permanent home.
“I expect the housing market here to continue to be fast and moving as it has been,” said Friedman.
Wiley said because his some sold well above his asking price. His family will be able to live more comfortably in their new, larger home.
“It’s definitely going to go into the new house and making those payments more realistic,” said Wiley.
Wiley’s advice: “They’re going in and giving you that top dollar.” He tells potential sellers to just go for it.
Friedman said there’s another option many potential buyers are considering. Building a home is a great investment option and takes away the headache of trying to purchase a home.
Lumber, glass, and other production materials were harder to get and more costly during the pandemic. Now, home construction is back on its feet.
“Madison County you see all the new communities that are popping up everywhere," said Friedman. “So the builders are really doing all that they can to get those communities started."
Friedman said even during the worst of the pandemic, homes were selling faster than ever before. Last year, they saw a 25% increase of sales in the housing market. A number, that keeps growing.
The Huntsville Area Association of Realtors said Alabamians can expect the housing market to be less competitive in around two years.