HUNTSVILLE — The National Association of Realtors® has named Huntsville a top 10 real estate market to watch in 2023. Every city on the list can be found in the South, or at least south of the Mason-Dixon line.
NAR placed Huntsville on the list based on several factors: affordability, job and population growth, “information industry” jobs with companies such as Google and Facebook, shares of workers teleworking, and more.
Still, the president of Madison County’s local real estate association says Realtors aren’t about to slow down.
“Our top priority is to ensure the ‘American Dream’ of owning a home is attainable for everyone in Madison County,” said Isaac Winkles, president of Huntsville Area Association of Realtors. “The Huntsville metro area landed on this list because of responsible work from our local leaders, but we all have more work to do to ensure all income earners can buy the home of their dreams and build wealth.”
Nearly 10,000 homes were sold in Madison County in 2021. Home sales in the area slowed this year, but at a lesser pace than national trends.
Last month, 533 homes were sold in Madison County, with another 1,002 sales pending. The average sale price was $365,000 and homes lasted an average of a little more than two weeks on the market.
Madison County housing inventory has more than doubled since last November, but the bulk of those homes are priced above $300,000, according to ValleyMLS.com.
Real estate experts maintain the factors that led to the 2008 housing crash can’t be found in the current boom, stabilizing the market for its next growth spurt. This environment led to the Rocket City’s top 10 ranking.
As the full nation experiences a historic housing shortage, the southern United States is uniquely set up to thrive.
“The demand for housing continues to outpace supply,” NAR chief economist Lawrence Yun said. “The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023.”
The top real estate markets expected to outperform other metro areas in 2023 are:
- Atlanta-Sandy Springs-Marietta, Ga.
- Raleigh, N.C.
- Dallas-Fort Worth-Arlington, Texas
- Fayetteville-Springdale-Rogers, Ark.-Mo.
- Greenville-Anderson-Mauldin, S.C.
- Charleston-North Charleston, S.C.
- Jacksonville, Fla.
- San Antonio-New Braunfels, Texas
- Knoxville, Tenn.