Huntsville Housing Inventory Update
Housing inventory in Huntsville is up and down all at the same time. The housing market is a topic that's on everyone's mind in 2023, and with good reason. With over 28 million Americans hoping to buy a home this year, it's no wonder that demand is high. However, there's a significant supply and demand imbalance, we'll look at the current state of the housing market to help you decide if now is the best time to buy a home or sell your house in Huntsville, Alabama.
Locally, there were 2,642 active listings in the Huntsville housing market for January. This is up 93.4% from 1,366 active listings in January 2022. Nationally in 2023, housing inventory has made a significant jump year-over-year to 625,875 active listings, up from 378,189 active listings in January 2022. We're still down 43.2% from pre-pandemic numbers. Due to higher interest rates, demand is significantly down for housing but supply is not keeping up with the pent-up demand once interest rates go back down.
There's still a supply and demand imbalance in this country related to housing. On the demand side, Nerdwallet recently did a study showing that 28 million Americans are hoping to buy a home in 2023. What's interesting about that study is in a normal year we see 5 to 6 million homes sold. There are a lot of people that are wanting to buy but simply are not going to be able to purchase a home in 2023.
A lot of that comes down to supply. There are studies out there showing that there's about a 5.5 million home deficit in this country. It's likely getting worse because a lot of builders are being more conservative with their production of housing supply because of interest rates slowing down and demand temporarily shrinking so they're matching that temporary supply as well.
As rates start to come back down, there are more and more buyers starting to edge back into the marketplace, as reported by the New York Times. This could be a perfect time for buyers since we have a higher inventory than we will once the next wave of buyers comes into the marketplace as interest rates drop once again.
The housing market needs more supply to meet this pent-up demand, if you've been thinking about selling your home we can walk you through the pros and cons of selling in this market. If you're thinking about buying in this market, you need the best, send us an email at email@example.com or contact us here. we'll help you find your next dream home.Posted by Matt Curtis on