Boom, Boom, Boom! … As we head into the 3rd Quarter of 2020, our 2nd Quarter has looked much different than most of us could ever have imagined. A worldwide pandemic and quarantine experience was something that we certainly never thought we would ever experience.
The Madison and Limestone county real estate markets continue to surge. Now, more than ever before. Inventory remains tight while demand continues to surge. Our market remains at peak levels.
Shortage of Inventory [+] Surge of Demand
With a shortage of inventory, we’ve deepened to one of our most extreme seller’s markets ever. How long this surge will last is unknown. While sellers are experiencing the gift of multiple offers and escalation clauses, buyers are suffering.
Buyers Determine Home Prices
A home’s value is directly determined by how much buyers are willing to pay for a home at a specific point and time. Despite the ongoing health and economic crisis precipitated by COVID-19, the Madison and Limestone counties’ market is at an all-time high and we aren’t seeing a softening approaching anytime soon.
Best indicator of home value
The best indicator of home value is an area’s median home price. As you will see below, our values are seeing a major increase: The Median Sales Price – rose to $248,680 compared with $208,333 in 2019 and $191,500 in 2018. The clear beneficiary of the supply and demand imbalance in the market today is price appreciation. We expect it to continue to accelerate in many price ranges and school districts this fall.
Use a Local Market Expert
Being the local market expert is central to our mission at @ Homes Realty Group. In doing so we can provide our clients with unsurpassed levels of advocacy and local in-depth market knowledge. By understanding the market, our clients are more confident and better able to make informed decisions. You can continue to depend on each @ Homes Agent now, more than ever!
The Real Numbers
We are grateful for the partnership our local real estate association has with UAH, its economics department and the in-depth report shared with us each quarter. Please reach out if you have any questions. If you’d like to see where your home may fit into our current market, we’d love to show you! Contact your favorite @ Homes agent or can contact us at 256-425-1659. We are here for you!