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Huntsville AL Real Estate Market Trends – Sept 2012

By: Huntsville Real Estate Expert Mike Manosky On September 30, 2012

The decision to rent or buy a home depends on where you live and also on your mortgage rate, tax bracket, and time horizon. Read Trulia’s full report here.

Click here for an interactive map.

 

rent vs buy

 

Trulia looks at homes for sale and for rent and calculates the average rent and sale price across all listed properties in a metro area. Then, Trulia factors in the total costs of homeownership (e.g., closing costs, maintenance, insurance, taxes, etc) and total cost of renting (e.g., renter’s insurance and security deposit). The starting assumptions are that a prospective homebuyer can get a low mortgage rate of 3.5 percent, itemizes their federal tax deductions, is in the 25 percent tax bracket, and will stay in their home for seven years. People in the 35% federal income tax bracket are also assumed to pay 5% state income tax. To account for the opportunity costs, Trulia calculates the net present value of the payment streams for renting and owning. Circles are sized proportionally by population.

Lets take a look at August sales figures for Huntsville and Madison County.

Madison County/Huntsville AL Real Estate Sales Statistics 

Huntsville AL and Madison County saw an increase of 14% in sold listings in August 2012 when compared to July 2012. The average list price increased slightly by 0.13% to $202,878 and the average sales price increased by 0.16% to $197,528.  The average price per square foot increased by 2% when compared with July 2012, and market times decreased by 6% or 6 days.

Date Sold Listings Average List Price Average Sale Price Percent SP/LP Average DOM Average Price Sq Ft
August 2012 490 $202,878 $197,528 97.62% 84 $82
July
2012
423 $202,623 $197,210 96.07% 90 $84

 For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211. 

To begin searching Huntsville AL homes, please use my complimentary MLS search.  

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.

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