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Realtors predict a 4 percent home value increase in Alabama in 2019

Realtors say the 4 percent increase could be the result of more people moving to Huntsville for jobs.

Posted: Apr 2, 2019 5:47 PM
Updated: Apr 2, 2019 5:51 PM

The real estate market is booming in Alabama, and there may soon be a shortage in available houses.

The National Association of Realtors says Alabama has one of the highest demands for housing in the nation. At the Huntsville Area Association of Realtors, members told WAAY 31 to expect home prices to increase over the next year. One reason is that a lot of people are moving to Huntsville for work, but there isn't a lot of housing.

"We've seen Alabama make the national spotlight several times over the last year. Economic development is always a driver for our area," said Realtor, Sha Jarboe.

Realtors in Huntsville and Madison County said they've seen an increase in the number of people looking to buy homes. They told WAAY 31 about 20 people a week are searching for houses, and most are moving here because of jobs.

"For Alabama, that's not surprising, especially the Huntsville/Madison area, because we have the Arsenal, we have a lot of bio-tech companies, we have UAH," said future home-buyer, Chelsea Powers.

Realtors also said the Madison County market currently has 1,000 fewer homes available to buyers compared to April of 2018, because houses aren't being built as fast as they're being sold. The average house in Madison County stays on the market for about 60 days.

"Our national economists tell us to watch out for Alabama and that we could see up to a four percent increase as a whole in the state in our real estate market," said Jarboe.

Powers said even though prices may go up, it's worth it for her to stay in Huntsville when she finishes grad school.

"Most likely, I will stay here because of the environment. I have so many job opportunities here," said Powers.

Realtors said people may have to settle for your second or third choice homes, but to prepare for the shortage, experts have a few suggestions.

"They need to have their financing in place, they need to have a definite list of their wants and needs so that they go in to pull the trigger when it's time to buy the perfect house," said Jarboe.

Powers said potential home buyers may have to settle for something different.

"Do more like condominium style things so that people can have small isolated condos or apartments that are still more house-like," said Powers.

Realtors told WAAY 31 the 4 percent increase over the next year is just a prediction and anything can change. They also said Madison County is nowhere near reaching a critical shortage.

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Alabama Coronavirus Cases

Confirmed Cases: 41362

Reported Deaths: 983
CountyConfirmedDeaths
Jefferson4532143
Montgomery3875102
Mobile3797134
Tuscaloosa210739
Marshall162210
Lee124537
Shelby110923
Madison11047
Morgan10203
Walker87123
Franklin86314
Dallas8419
Elmore83614
Baldwin7359
Etowah64413
DeKalb6415
Butler60727
Chambers60027
Tallapoosa57269
Autauga55312
Unassigned50724
Russell5030
Lowndes45820
Lauderdale4576
Houston4464
Limestone4290
Cullman4114
Pike4075
Colbert3775
Bullock3649
Coffee3592
Barbour3331
Covington3327
St. Clair3192
Marengo29911
Hale29621
Escambia2936
Wilcox2848
Talladega2827
Calhoun2805
Sumter27912
Clarke2686
Dale2620
Jackson2522
Winston2373
Blount2181
Pickens2176
Chilton2152
Marion20613
Monroe2052
Choctaw19212
Randolph1889
Conecuh1866
Greene1788
Macon1778
Bibb1761
Perry1541
Henry1303
Crenshaw1243
Washington1027
Lawrence1000
Cherokee797
Lamar711
Geneva700
Fayette671
Clay612
Coosa571
Cleburne301
Out of AL00

Tennessee Coronavirus Cases

Confirmed Cases: 46890

Reported Deaths: 620
CountyConfirmedDeaths
Shelby10765195
Davidson10125115
Rutherford273335
Hamilton257730
Sumner150752
Trousdale14905
Williamson114814
Knox10225
Out of TN10098
Wilson85917
Putnam8147
Robertson80111
Sevier7333
Lake6900
Tipton6205
Bledsoe6181
Bradley6043
Bedford5205
Unassigned5161
Montgomery5137
Macon4213
Hardeman3143
Maury3113
Fayette3012
Hamblen2964
Rhea2740
Loudon2711
Madison2642
Dyer2321
Cheatham2201
McMinn21817
Blount2053
Dickson1940
Cumberland1744
Lawrence1435
Lauderdale1362
Monroe1365
Washington1340
Jefferson1210
Coffee1150
Gibson1101
Obion1062
Anderson1052
Hardin1037
Smith1031
Sullivan1012
Greene862
Franklin823
Haywood812
Wayne800
Cocke760
Marshall741
Hickman730
Warren690
Marion674
White653
McNairy640
Weakley621
Grundy581
Lincoln580
Overton581
DeKalb570
Carter561
Giles551
Hawkins552
Unicoi550
Roane500
Henry420
Campbell411
Polk410
Carroll401
Grainger390
Henderson390
Johnson380
Cannon340
Claiborne320
Crockett323
Meigs320
Perry310
Sequatchie290
Chester260
Humphreys261
Jackson260
Morgan241
Decatur210
Stewart210
Fentress190
Clay160
Scott150
Union150
Houston130
Benton121
Moore100
Lewis70
Van Buren70
Pickett60
Hancock30

 

 

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