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recent study by the National Association of Realtors (NAR) reveals that 46% of homebuyers who relocated in 2024 chose to move to the South. The West was the next most popular destination for relocating homebuyers, accounting for 25%.
The primary reason for relocation cited by homebuyers was a desire to be closer to family and friends (30%), followed by seeking more home for their money (21%). According to Jessica Lautz, NAR deputy chief economist, the draw of being close to loved ones is a significant factor in relocation decisions.
On a national scale, housing inventory continues to grow. Realtor.com reported that October 2024 saw the highest level of homes for sale since December 2019, with a 29% year-over-year increase. Homes spent an average of 58 days on the market in October, but local markets like Huntsville/Madison County are experiencing brisk sales, with homes averaging just 47 days on the market.
The latest report from the Huntsville Area Association of Realtors (HAAR) highlights a notable trend in townhouse/condo units. Sales increased by 100% during the week of November 16, while new listings declined by 41.2%. Inventory of townhouse units rose by 109.1%.
In contrast, single-family unit sales saw more modest increases, with pending sales up by 4.6% and new listings up by 11.7%. Single-family inventory also increased, but at a slower rate than townhouse units.
The National Association of Realtors has received final approval for its settlement resolving antitrust claims in the Sitzer/Burnett case. NAR President Keven Sears emphasizes that the principles of transparency, competition, and choice are core to the agreement, empowering real estate professionals and consumers to negotiate services and compensation that work best for them.
The Huntsville Business Journal will continue to monitor developments in the local and national real estate markets.
