Experts say that by 2023, Huntsville will be one of the largest and most affordable real estate markets in the country.
The Rocket City has cracked the “top ten real estate markets to watch” in the coming year, according to the National Association of Realtors.
As Huntsville continues to grow, so does the housing market.
Waay 31 spoke to a real estate agent and a couple here in Huntsville who bought what they call their dream home.
Both say that Huntsville has great qualities that make buying a home here worthwhile.
The National Association of Realtors ranked Huntsville seventh on its list of the 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 at the end of September. While rising interest rates have been a huge roadblock for many would-be homebuyers, the life of the Haywoods in Huntsville was too special an opportunity to pass up.
“We understand where Huntsville is right now, especially with the economy. We understand that Huntsville is growing and getting bigger and better every day,” said Theory.
In fact, of the top 10 cities on the list, Huntsville is the most affordable area to live.
“Even with the house price increase, Huntsville is still low. With everything coming here and the jobs, you can get a good job and just pay less, so we looked at that,” Sonya said.
As more people consider Huntsville a place to live, there may be concerns about the inventory of available housing.
Cynthia joiner at the real estate group Keller Williams Realty says availability is not an issue.
“Speaking of inventory, I would say there were probably about 600 homes on the market in May of this year in Madison County. This month it’s probably about 1,600. So we have more inventory, but it’s still a bit low compared to two years ago,” says Joiner.
She says the main concern is affordability.
“The interest rates. For my first-time homebuyers, they just can’t qualify for what they qualified for a home six months ago. There’s some concern there,” Joiner said.
Joiners hope interest rates will take a dip so more people can buy a home and enjoy all that the town of Huntsville has to offer, just like the Haywood’s.
“When we first looked we always heard that Huntsville was the best kept secret, it’s not a secret anymore,” said Sonya.
If you are interested in the full list of real estate markets and more information about the housing market here in Huntsville, you can view that information here.