Huntsville Alabama Real Estate Market - Solid as a Rock
If you are in the real estate market either as a commercial property investor or you are just looking for a home in Alabama, Huntsville offers a rich choice of properties at fantastic prices: from enticing 3 bedroom homes to prestigious, sophisticated mansions; from secluded vacation retreats to exquisite condos and townhouses with graceful curb appeal.
Come to Huntsville and witness for yourself the amazing real estate growth that the city has engendered. While the prices of homes have fallen as much as 23.4 percent nationally and 16.9 percent in Alabama, for January 2007, in comparison with the year before, Huntsville homes sales has been steady. Thanks to the Base Realignment and Closures ( BRAC ) that is expected to draw over 5000 jobs to the Huntsville Alabama area in the next couple of years, mainly from scientist and army personnel from Virginia and Georgia.
In addition, significance attaches to the fact that while the national foreclosure rate is about 5.5 percent, the highest figure in the U.S. in 20 years, Huntsville is cruising at a sustainable rate of 0.25 percent.
In 2007 Huntsville total home sale volume was $985,972,253 a boost of 5.1% over 2006. The average sales price of $212,494 was a handsome increase of 4.6% over 2006. The median sales price of a home sold in Alabama during the fourth quarter of 2007 was $130,260. Huntsville, however, has experience dramatic changes towards more luxurious, higher priced homes. Through November 2007, the average price of a home was $196,549. "Those figures don't include another roughly 500 generally higher-end homes a year sold by builders not included the Realtors' multiple listing service", according the Huntsville Realtor Association.
In Huntsville, the variance we're observing today is that the price ranges of new homes five years ago, was in the region of $80,000 to $400,000. Now that range is an amazing $125,000 to $2 million.
Huntsville corporate housing market has also been blessed by the influx, primarily due to the boon from the city's Research Park, the second largest of its kind in the Nation. Exquisite properties are being developed in the south of Huntsville mainly in the eastern section which is more tranquil, surrounded by gorgeous scenery and with a fantastic view of the city. Real estate properties in The Ledges, The Hampton Cove, masterpiece homes nestled at the foot-hills of Monte Sano Mountain, just a few miles from all the amenities of the city, are just some of the sophisticated properties in the area.
The Huntsville commercial property and office market remained upbeat and on the move in 2007 with an "overall vacancy rate of 7.36 percent, which is well below the national average of 12.5 percent," according to Bart Smith, a managing broker with Graham & Co. in Huntsville, Birmingham-based company that publishes an annual report tracking the local office, industrial and retail markets.
If you are thinking of Alabama, think of Huntsville. With a low crime rate, low unemployment percentages, the distinction of being rated as one of the top best places to raise children and with remarkable real estate properties at attractive prices, Huntsville is the place to call home.
For more information on Huntsville Alabama real estate market visit: www.huntsvillepr.com
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