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The Real Estate Market’s New Normal

Categories: Uncategorized | Posted: August 25, 2021

Before the pandemic started, roughly two years ago, only a quarter of homes for sale were selling above the asking price. Today, in the midst of the pandemic, demand for homes is soaring above the supply amount, causing the prices to hit a record high. Roughly half of all homes for sale during the pandemic in America have sold above the asking price.

 

So, why is this happening and what turn can we expect the housing market to take in the near future? Let’s discuss.

Huntsville Housing Market Comparison

Reported in July of 2021, Huntsville’s home prices are up 16.8% compared to 2020. The average median price for homes in Huntsville is $292,000 and they remain on the market for an average of 28 days, versus 42 days in 2020. The inventory is also down by 9.17% with only 495 homes sold versus 545 homes last year.

 

Huntsville, Alabama is growing so fast and we are seeing more and more people and businesses flock to the area. That brings its own set of challenges as consumers are having to compete with out of town investors.

Competing with Investors in Huntsville

The housing inventory in Huntsville today is the lowest it has been in the past 20 years. The demand in the Huntsville metropolitan area has made it tough for developers to keep up. This has caused the rental prices to increase as well, by about 9%. Outside investors are drawn to Huntsville because of the increasing population and profit opportunities. They want to be able to purchase a home (usually without even seeing it in person), and list it for rent in order to make more money. This can be tough for first and second time buyers to compete with, because these outside investors are generally offering all-cash offers.

Historic Price Changes

Let’s break down the price changes in Huntsville a little more.

  • Within the last 5 years, the price for a home as increased by 55.3%
  • Within the last year, the price for a home has increased by 20.9%
  • Within the last few months, the price for a home has increased by 2.1%

 

So while we are still seeing spikes in the housing market, they are beginning to slow down. However, we do anticipate for the prices to continue to go up, and not down anytime soon. This is due to not only the low amount of inventory, but also the constant increase in demand. The population in Huntsville and surrounding areas like Madison, Athens and Decatur, is continuing to rise. Which means the demand for housing is not slowing down anytime soon. As long as Huntsville continues to grow, if developers cannot catch up, then we can expect housing prices to continue to grow as well.

 

Buying New Construction

A smart investment that buyers may consider is purchasing a new construction home, or one that is in the construction phase. While some people might not have the time to wait for their home to be built, it is a smart decision to consider in order to not have to compete with other buyers in this crazy and ever changing market. Hiring a new home builder that understands your wants and needs and can help walk you through the process and make sure you’re getting more bang for your buck. Instead of competing with multiple offers and buyers, and settling for a house because you’re tired of looking, have what you really want with a new home builder like Legacy Homes.

 

Legacy Homes is your new home builder located in Huntsville, Alabama, with communities in surrounding areas. View our floor plans, take a virtual tour and more here.

Top 10 Things Going on this Summer in Huntsville

Categories: Uncategorized | Posted: July 8, 2021

 

If you’re a resident of Huntsville, Alabama or surrounding areas, you already know that there is never a lack of things to do. Since most of the COVID-19 protocols have been lifted and we’re able to get back to social events, there are so many events happening in the area this summer that you don’t want to miss.

Huntsville Concerts in The Park

Concerts in The Park take place every Monday during the summer. It’s a free event hosted by Arts Huntsville and Huntsville Park & Recreation. The event takes place in downtown Huntsville on the Huntsville Museum of Art’s outdoor stage from 6:30-8:30pm. The public is encouraged to bring their own seating and your furry friends (on a leash) are also welcome! Get out and enjoy a Monday night filled with great music.

MELT’s Summer Block Party

On Saturday, July 24th from 4-9pm MELT in downtown Huntsville is hosting a summer block party to celebrate their 2 year anniversary. There will be 20+ vendors, live music, great food, drinks and giveaways! Did we mention this event is free to the public? Come out and celebrate!

Live Music At The Camp

If you’re a fan of live music, then visit The Camp located in Midcity one weekend during the summer. Every weekend they host a variety of different musicians and genres that you can enjoy for free. Kick back and enjoy delicious food and drinks, while listening to the talented artists play.

Butterfly Release at Huntsville Botanical Gardens

If you haven’t visited Huntsville Botanical Gardens for their butterfly release event, you’re missing out. For all of the nature lovers, this is a great event to take part in this summer. There are two events that still have tickets available, one on July 10th and the other on August 14th starting at 10am or 11am. Experience the safe release of butterflies into the Purdy Butterfly House. Learn more about the event here.

Space Camp in Huntsville

The Space Camp hosted by U.S. Space & Rocket Center has been an ongoing event every summer for a while now. It is a great opportunity to get your children ages 9-14 involved in the space industry. It takes place from Sunday, August 8th, to Friday, August 13th. Let your child experience this awesome learning opportunity and a chance to meet some new friends! Learn more about Space Camp here.

Taste of Huntsville

This event is a dining experience with over 50 restaurants and vendors participating. You can sample food and drinks and the vendors will be participating for awards in presentation and taste. All proceeds go towards the United Cerebral Palsy of Huntsville & Tennessee Valley and Huntsville Community Drumline. The event takes place on September 15th from 5:30-8pm at The Von Braun Center. Get out and grab a ‘taste of Huntsville’.

Party Bus Brewery Crawl

On Friday, July 23rd, LUXE Events is hosting a Brews Summer: Party Bus Brewery Crawl. You’ll have the chance to visit local breweries and other spots around town. The event begins at 8pm and you’ll enjoy craft beer, live music and other entertainment. Tickets are selling fast, so purchase yours while they’re still available!

Scavenger Hunt Smash Up

The third annual Scooter for Hooters and Topless for Tatas Scavenger Hunt Poker Run will take place on Saturday, August 21st from 8am-3pm. All proceeds go to benefit Huntsville Hospital Patient Assistance for patients that need assistance with everyday living expenses. There will be two separate scavenger hunts – one for motorcycles and one for off-road jeeps. Learn more about tickets and this event here.

Outdoor Market at Lowe Mills

Every Saturday from 11am-4pm Lowe Mills ARTS & Entertainment hosts an outdoor market with local vendors. Admission is free to the public, and you’ll have a chance to shop and purchase local artists and makers products. This is a great event happening all summer long, so be sure to make a visit one weekend before October.

The Market At Midcity

Every Sunday from 1-5pm, The Camp at Midcity hosts local farmers, musicians, artists, makers and more. Admission is free to the public, and you have the chance to shop small and support local vendors in the area. If you enjoy farmers markets, this event is for you. It’s a great way to spend your Sunday’s this summer.