Huntsville home sales during 2016 rose 9 percent over previous year
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The Huntsville housing market continued its growth trajectory during 2016, with home sales rising 9 percent over 2015’s total (5,690).
There were 6,227 homes sold in Huntsville during 2016.
While this growth is still around 1,000 homes shy of the 2003 peak of 7,231 homes sold, it represents a 46 percent positive difference compared to the 2011 trough of 4,272 homes sold.
The median sales price for 2016 in Huntsville was $181,498, a 6 percent rise over 2015 ($171,383).
On average, homes stayed on the market 90 days during 2016, compared to 94 days in 2015, a 4 percent drop.
Huntsville was no exception to the nationwide trend of declining inventory. The number of homes listed on the market in any given month during 2016 was 2,640, a 13.5 percent decline from 2015. Inventory peaked at 3,672 during 2002 and bottomed out at 1,591 during 2005.
Despite the decline in inventory, Huntsville continues to be a balanced market with a 5.2-months-of-supply ratio. Restated, at the 2016 pace, it took 5.2 months for the market to absorb the number of units listed.
Click here to see a snapshot of the Huntsville housing market.
The Huntsville/Madison County Residential Annual Report is developed in conjunction with the Huntsville Area Association of Realtors to better serve North Alabama consumers.