HUNTSVILLE, Alabama — With the City of Huntsville being chosen for the U.S. Space Command Headquarters, realtors expect Huntsville's already booming real estate market to blast off even more in the next few years.
"It's no secret about our market. It's the best real estate market that we've had," said Huntsville Area Association of Realtors (HAAR) President, Zelda Friedman. "Our biggest challenge right now is the low inventory."
Due to Madison County's rapid growth, experts believe the housing market will remain fast paced.
What's helping Huntsville's real estate growth?
Huntsville City Planner, James Vandiver, says the City's housing prices have gone up considerably in the past few years. Because the U.S. Space Command will bring hundreds of high paying jobs to the area, home prices could be driven up in the future.
"They won't be moving into the area for a little while," said Friedman. "I would expect that the builders are going to continue to build, and I think that we'll have housing. I mean, we want to make sure that we have houses for all our new people that are coming in to the area."
In December, 867 homes were sold in Madison County.
Huntsville is already fighting to keep up with demand. The new Mazda Toyota plant in Huntsville is set to open in 2021 with plans to employ 4,000 people.
Vandiver said, "We have 17 active apartment projects right now totaling over 3,000 new units in the City of Huntsville, and there's another 17 that have been approved beyond that."
Vandiver says the City is working to ensure there are enough homes for Huntsville's projected growth.
"There are mechanisms in place to make sure that housing can get approved and built fairly quickly," said Vandiver.
In December, 144 homes and 109 multi-family housing units were permitted to be built in Huntsville. Over 170 housing units in the city were granted Certificates of Occupancy, meaning they are ready to be moved into.
"The builders have the information so they know what they need to do in order to get those homes built," said Friedman.
In December, homes stayed on the market for about 17 days. Although it's a seller's market, realtors say it's a great time to both buy and sell.
If you're looking to buy a home in Madison County, Friedman suggests finding a realtor to help you. You can find a realtor on valleymls.com.
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