MADISON COUNTY, ALABAMA, Ala. — While 2020 has been tough on most businesses, realtors have been busier than ever across the Tennessee Valley.
COVID-19 hit North Alabama in March, but despite the pandemic, the housing market has proven to be resilient.
ValleyMLS.com Chair, Cindi Peters-Tanner, said, "We had a very big slow down for like five minutes is what I feel like, and then everything took off."
This year in Madison County, 8,495 homes were sold from January 1 to December 29. That adds up to 23.4 homes sold a day. In 2019 from January 1 to December 10, 7,855 homes were sold. That adds up to 22.8 homes per day.
Although comparing the housing market in 2020 to any other year is difficult due to the pandemic, Peters-Tanner says one of the biggest things realtors are challenged with right now is low inventory.
“People are trying to buy houses. We have people moving in from out of town. We have people trying to resell and first time home buyers. We have everybody trying to get a house, and we just have really low inventory,” said Peters-Tanner.
The houses put on the market in Madison County last year stayed there for about 43 days. This year, homes spent about 26 days on the market.
"Homes are flying off the market,” said Peters-Tanner. “We have such great economic strength with all the jobs coming in, but we also just have great mortgage rates, so people are like I can afford more home. Now is the time to move up."
Not only are more people looking to buy, the pandemic is changing the way people buy. Many people are buying homes after doing a virtual tour and even signing contracts virtually.
The pandemic is also allowing for decentralizing.
"We're no longer just right in Huntsville, right in Madison,” said Peters-Tanner. “People are working from home. They can spread out. They don't have to go to the office every day. They can live thirty minutes from work, and drive thirty minutes one time a week or one time a month depending on their job."
National economists believe this winter will be the best ever for real estate.
"Nationally, compared to locally, North Alabama paced above the national trends for the past few years, so that's even better for us,” said Peters-Tanner.
Realtors expect interest rates to stay low in 2021 and say now is a great time to sell or buy a home in North Alabama. Peters-Tanner recommends reaching out to a realtor if you want to buy or sell a home.
For more information about the housing market in North Alabama, visit ValleyMLS.com.
WATCH: Coronavirus impact on Huntsville housing market