MADISON COUNTY, Ala. -- A study by the Huntsville Area Association of REALTORS® (HAAR), in partnership with the UAH College of Business, finds that locally, Madison County continues to outpace the national residential real estate market.
Huntsville appears on a slew of "Top 10" lists for its job opportunities, growing entertainment culture, and diverse economy. As a result, Madison County is also a great place to buy or sell a home.
"It's the perfect storm for people who are coming in or want to stay here," said HAAR president-elect Sha Jarboe. "There's just too many good things on that list. We know when you have a strong community, it makes your real estate market strong."
The study found that the local population growth is continuing to outpace national growth.
"Because the affordability of our area, it makes it a strong choice for many, and in turn it makes it a great place for people who have been here and are ready to sell those houses, move up in those houses, or just stay in a great community," Jarboe said.
But the housing inventory needs to increase in order for this affordable trend to continue. Jarboe said that the area has a shortage of new home construction. The building community is ready to put in the work, but a shortage of skilled labor is standing in the way. The best way to amend this shortage is for the Builders Association and local leaders to provide incentive for workers to move here and provide specialized training once they do.
If you own a home and you're not ready to buy or sell, Jarboe said you're not missing out.
"You're gaining equity in your home, and that's never a bad thing," she said.
And having an affordable housing trend isn't all about supply and demand. Our local builders and realtors are always working to maintain by preparing for even more growth in the future.