H
ome sales in the Huntsville area declined last month compared to the same period a year ago, but experts predict a turnaround is on the horizon. Realtors point to a nearly 15% surge in pending single-family sales and lower interest rates as signs of a potential rebound.
"We're seeing a more buyer-friendly market," said Ben Wales of Gateway Alabama Realty Group. "Inventory and days on market are slowly creeping up year-over-year, which is great." Wales recently won a multi-offer situation $35,000 under asking price in July, indicating the market's shift towards buyers.
The sales numbers show 648 homes sold in the Huntsville area last month, down from 703 in July 2024. However, there were 748 pending sales. In Athens, 196 homes sold, up from 183 in June but down from 213 a year ago. Decatur bucked the trend with 127 home sales, up from 117 in July 2024.
The median sales price for a home in Huntsville was $341,000, down from $350,000 in July 2024. In Athens, the median price slipped to $320,000, while in Decatur it rose to $258,000. Despite the decline in median prices, homebuyers still found homes more expensive than expected.
Inventory continues to rise area-wide, with 2,731 available homes in Huntsville, up from 2,610 a year ago. Homes are staying on the market for an average of 47 days compared to 38 in 2024. Realtor Matt Curtis said this trend could drive sales higher if interest rates continue to fall.
"Inventory is up 14.2% year-over-year, giving buyers more choices and leverage while pushing sellers to sharpen pricing and condition," Curtis said.
