Huntsville, AL Real Estate Market Trends & Analysis 2019
- The Huntsville real estate market is expected to experience an influx in its population, which should simultaneously increase local demand and home values.
- Real estate in Huntsville looks as if it’ll become a hot commodity sooner rather than later.
- Huntsville real estate investors should appreciate the uptick in demand brought on by thousands of new job opportunities in the area.
Known primarily as the home of the U.S. Space & Rocket Center, the Huntsville real estate market has something new and exciting to brag about: Mazda Toyota Manufacturing, U.S.A., Inc. has broken ground on a high-tech plant in the area. Not only will the new manufacturing plant help Alabama remain one of the country’s top five auto-producing states, but Huntsville is now positioned to be the recipient of approximately 4,000 new jobs. More importantly, however, the new plant appears as if it will serve as the catalyst for an influx of real estate demand in the area. Already the second fastest growing city in Alabama, Huntsville’s expected surge in population should buoy an already healthy real estate market, and help it thrive for the foreseeable future.
Huntsville Real Estate Market Overview
- Median Home Value: $149,300
- 1-Year Appreciation Rate: 9.6%
- Number Of Foreclosures:146
- Homes Sold: 612
- Inventory: 1,598
- Average Days On Market: 50
Median Home Price Huntsville
The Huntsville real estate market was the beneficiary of an appreciation rate that outpaced the national average. In just over one year’s time (October 2017 to November 018), the median home value in Huntsville jumped 9.6%, whereas the national value increased a more modest 7.7%. Following the nearly double digit appreciation rate, the median home value in Huntsville is now $149,300, according to Zillow. That said, real estate in Huntsville looks like it will continue its current upwards trajectory, as the city has already announced several major projects expected to bring thousands of jobs to the area; among them is a high-tech automotive manufacturing plant. Mazda Toyota Manufacturing, U.S.A., Inc. has already broken ground on a new facility that should be responsible for adding approximately 4,000 jobs. As a result, the demand for housing should drive up both the price of buying and renting.
Huntsville Real Estate Market Summary
Once known primarily for its nationally recognized space program, the Huntsville real estate market is starting to attract major players in subsequent industries, the most recent of which saw Mazda Toyota Manufacturing, U.S.A., Inc. break ground on a new manufacturing plant promising to add somewhere in the neighborhood of 4,000 jobs to the area. As a result, Huntsville is in the midst of a population boom that should support a healthy housing market. Combined with the area’s relatively affordable housing and promising future prospects, it shouldn’t surprise anyone to learn that Huntsville looks to be a great place to invest in for the foreseeable future.
Source: Than Merrill - Fortune Builders
As usual, should you be interested in buying or selling a home, or for any further information regarding your home, please contact me, Karen Borden, your North Alabama Real Estate Professional!