HUNTSVILLE, Ala. (WAFF) – The nationwide housing shortage has caused the country to be seven million housing units short of the demand. As a result, the prices of homes in Huntsville are sky-rocketing.
Sid Pugh, a broker and owner of Re/max Alliance said, “the average price the last time that I saw that it was around was around the 300s which is up quite a bit than what it was this time last year it used to be here in the 170 range 175 and it’s up into the 200s and now were up probably around 330.”
Huntsville is a quickly growing city that would need 30 thousand new lots in the next two years to keep up with the demand. Both the prices of homes and mortgage costs are increasing.
Amy Broadhurst a manager of Mortgage Origination at Redstone Federal Credit Union said, “The average right now is probably falling between 200 to 400 for one-bedroom two and a half bath 2000 plus square foot home, depending on where it is located going from anywhere between 200 to 400 thousand.”
New homeowner, Eric Nickerson just bought his home but, getting into a contract was difficult.
Nickerson said, “another challenge is that we put in a couple of offers prior to getting this one accepted and we lost out on at least one we lost out to a cash buyer so that was very sort of difficult thing to navigate and that seemingly had become more common.”
Nickerson finally found his house, but only after he pushed his budget and offered more than the asking price. The demand for housing will remain strong as people move into the market.
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