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Supply can't keep up with demand of Huntsville housing market

Realtors tell WAAY31 houses are going fast, because the supply cannot keep up with the demand.

Posted: Nov 20, 2019 5:35 PM

According to a research by The Ascent, Huntsville is among the 10 best cities for high salaries and low costs of living. 

It lists Huntsville as the second best, after Kalamazoo, Mich.

But one unintended consequence of all the correlation is the toll it is taking on Huntsville's housing market. 

Realtors tell WAAY31 houses are going fast, because the supply cannot keep up with the demand. 

"Every year for the last four or five years, our inventory has went down," Real Estate Broker Gerald Bourrell said. 

Bourrell said just over the last year, he has seen some major changes in the market. Houses are not staying for sale long, and have multiple offers.

Bourrell said just five years ago there were more than 600 homes listen in the $150,000 range. Right now, there are fewer than 150. 

"Last year in May, it was not as crazy," Jessica Yassu, a real estate agent said. 

Yassu moved to Huntsville a year ago, and bought a home. She is now a Realtor herself, and realizes she got pretty lucky with her timing.

"You didn't have those multiple offer situations and there were a lot more seller concessions," Yassu said.

She also believes she would be paying more if she brought a home now, and expects the costs to go up.

Bourrell said more houses are being built. It is just taking longer than normal due to a lack of workers.

"We're seeing instead of a six month build, maybe a seven or eight month build on a new construction house," Bourrell said.

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