Experts say in 2023, Huntsville will be one of the country’s largest and most affordable real estate markets.
According to the National Association of Realtors, the Rocket City cracked the “top ten real estate markets to watch” in the coming year.
As Huntsville continues to grow, so does the housing market.
Waay 31 spoke with a realtor as well as a couple here in Huntsville who purchased what they call their dream home.
Both say Huntsville has great qualities that make purchasing a home here worth it.
The National Association of Realtors listed Huntsville seventh on its list of top 10 real estate markets to watch.
Some of the qualifying factors include: housing affordability, strong job growth, faster population growth and more.
Sonya and Theory Haywood recently purchased their home in late September. Although rising interest rates have been a huge roadblock for many potential homebuyers, the Haywood’s say living in Huntsville was just too special of an opportunity to pass up.
“We understand where Huntsville is right now, especially with the economy. We understand that Huntsville is growing and it’s getting bigger and better every day,” said Theory.
In fact, of the top 10 cities on the list, Huntsville ranks as the most affordable area to live.
“Even with the increase in prices of homes, Huntsville is still low. With everything coming here and the jobs, you can land a good job and just pay less so we looked at that,” said Sonya.
As more people consider Huntsville as a place to live, one may worry about the inventory of homes available.
Cynthia joiner with the real estate group Keller Williams realty says availability isn’t a problem.
“When we talk about inventory, I would say in may of this year in Madison County there were probably about 600 homes on the market. This month there are probably about 1600. So we have more inventory but it’s still slightly low compared to two years ago,” said Joiner.
She says the main concern is affordability.
“The interest rates. For my first time home buyers, they are just not being able to qualify for what they qualified for on a home six months ago. There is some concern there,” said Joiner.
Joiners hope is that interest rates take a dip so more people can buy a home and enjoy all the city of Huntsville has to offer much like the Haywood’s.
“When we first looked, we always heard that Huntsville was the best known kept secret, it’s not a secret anymore,” said Sonya.
If you are interested in seeing the complete real estate markets list as well as more information on the housing market here in Huntsville, you can view that information here.