Huntsville, AL Housing Market Report | December 2022

Home sales are down 32.2% year over year in our local Huntsville, Alabama real estate market. Housing affordability and the mortgage rate lockdown effect are continuing to push the number of homes sold down, we’ll look at what effects these and other factors affected the Huntsville housing market in December. If you’re looking to buy or sell a home in Huntsville, AL, this information can help you make the best decision based on your situation as we head into 2023.

Home Sales

Sales have dropped 32.2% year over year in our local Huntsville, Alabama real estate market. Sales are down for two primary reasons.

The first is affordability. The Huntsville Housing Affordability Index…

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Sneak Peek Listings for January 27th

207 Rodman Drive - $330,000

207 Rodman Drive, Madison, Alabama 35758

3 Bed | 3 Bath | 2,400 sqft

Talk to an MC Agent today for more info or call 256-270-9393

118 Westerbrook Drive - $294,900

118 Westerbrook Drive, Toney, Alabama 35773

3 Bed | 2 Bath | 1,581 sqft

Talk to an MC Agent today for more info or call 256-270-9393

 

 

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Huntsville, AL Housing Survey Predicting 2023

There are a lot of predictions around 2023 and what's going to happen in the Huntsville, Alabama housing market. So we decided to poll you, the audience, to see what your plans are in 2023 to get the most accurate prediction of who is looking to buy or sell their home.

Are you planning on purchasing or buying a new home in 2023?

A surprising 41.1% of survey respondents said they are planning to buy a home in 2023. I think there are a couple of potential reasons for that.

First, 29% of current Huntsville renters can afford the median-priced home, which is one of the reasons why Huntsville made it on the list of ‘Top 10 Real Estate Markets to Watch in 2023’.

The second reason I…

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Homebuyer Sentiment Up in 2023

Homebuyer sentiment is up slightly for the second month in a row, according to a recent Fannie Mae national housing survey. Home buyer sentiment is up from an 11-year low, increasing 3.7 points to 61 points. If you're looking to buy a home in Huntsville, AL using this index and other info to time the market can give you the advantage in finding your perfect home.

I would expect these numbers to stay low and to rise slightly this year, but I don't know that that's absolutely a bad thing. The reason for that is you typically want to do the opposite of what everybody else is doing. Smart money is buying when other people are selling, smart money is selling what other people are buying. I think home buyer sentiment is…

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Sneak Peek Listings for January 20th

15407 AL Highway 69 - $329,900

15407 AL Highway 69, Joppa, Alabama 35087

5 Bed | 3 Bath | 3,365 sqft

Talk to an MC Agent today for more info or call 256-270-9393

 

314 Beaver Ridge Trail - $350,000

314 Beaver Ridge Trail, Huntsville, Alabama 35824

4 Bed | 2 Bath | 2,215 sqft

Talk to an MC Agent today for more info or call 256-270-9393

 

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7 Huntsville Housing Market Predictions for 2023 

As we start 2023, I’m giving my 7 bold predictions for the Huntsville, Alabama real estate market. Make sure you stay until the end when we’ll go over what prices are likely to do this year, talk about a potential real estate crash, and I’ll even give a bonus prediction. If you’re looking to buy or sell a home in Huntsville, AL, this information can help you make the best decision based on your situation and allow you to time the market to your advantage.

1. Have Interest Rates Peaked?

Let's start with interest rates because that's what's really driving this real estate market right now. A lot of people, including myself, think here locally and nationally that once we hit the 5%…

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Is Huntsville a Top 10 Housing Market in 2023?

Is Huntsville, Alabama, a Top 10 real estate market to watch in 2023? The National Association of Realtors (NAR) seems to think so as they've ranked Huntsville number seven on their list of top cities in the US to watch in 2023.

Huntsville Housing Affordability

The study was based on several factors. One of those factors was the Housing Affordability Index. How affordable is the city? Huntsville has been above 100 for several years, anything above 100 is more affordable and anything below 100 is less affordable. A score of 100 means the average income can purchase the average home in that area.

NAR is actually behind on Huntsville's data and gave us a score of 120 when we're actually a score…

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Huntsville, AL Housing Market Update | November 2022

Home sales are down 27% year over year, yet prices are still up 8.7% year over year. Housing affordability and the mortgage rate lockdown effect are continuing to push the number of homes sold down, we’ll look at what effects these and other factors had on the Huntsville housing market in November. If you’re looking to buy or sell a home in Huntsville, AL, this information can help you make the best decision based on your situation.

New Listings, Pending Sales, & Days on Market

New listings are down 16% year over year, which is due to this mortgage rate locked down we’re experiencing. In fact, there are a lot of sellers that have rates starting in the 2’s or 3’s which are ultra-low interest…

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The Fed Strikes Back

Inflation is down, interest rates are down, the stock market's been going up, and enters the Fed; The Empire Strikes Back. The Fed's at it again, they've raised the overnight rates to a target range of between 4.25% to 4.5%, which is down from the previous increases. They've been raising them by .75% for the last four meetings, this is the seventh time the Fed has raised rates in 2022.

The Fed’s Goal

We are still in unprecedented times with the Fed's interest rate moves. On top of raising rates, the Fed also offered guidance that their new target rate is between the 5% to 5.25% rate, which is still another .75% from where we're at today. That's about half a point higher than the Fed had previously predicted and much…

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