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Friday, December 1, 2023

Most homes for sale in Madison County out of reach for workforce

The majority of homes on the market at the end of the third quarter of the year may be out of reach for many in the Madison County’s workforce.

According to Megan O’Hara with Urban Design Associates, families with the medium household income of $81,966 would only be able to afford a $250,000 home with a 20% down payment. And that’s with a mortgage payment of about $1,725.

The problem? According to the Huntsville Area Association of Realtors-University of Alabama in Huntsville Third Quarter Economic Report, only 136 homes listed on the market at the end of September were in the $250,000 or less price range.

Almost double that number, 261, were available in the upper affordable range of $250,000-$300,000. The median sales price for a home in the county according to the report was $331,705, down from $336,000 in the third quarter of 2022.

The silver lining is that the number of homes available continues to rise. The upper affordable range rose more than 91%. Homes in the $200,000-$250,000 range rose almost 43%.

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