TAG July 2023 Newsletter
This month in Huntsville Alabama:
TAG partnered with Kona Ice for free sno cones to all participants at this year's race. This triathlon takes place in the Piedmont neighborhood- we love supporting our local community!
Closing Day! We are so grateful for the opportunity to serve our wonderful clients. It is because of you guys that our business continues to grow and thrive. THANK YOU!
TAG was able to host our first Business and Brews at a Local Favorite- Fractal Brewery
How's The Market Doing?
We are halfway through 2023, and we continue to get asked, "How's the market?". The statistics are varied. Let's take a look. There were 3,920 homes sold in the first half of 2022, and only 3055 closed in the first half of 2023. That is a 22% decrease. The average sales price was $366,075 in 2022 compared to $376,003 through the first half of this year, which resulted in a 2.7% increase. Our days on the market increased to 29 days compared to 11 last year.
Mortgage rates are hovering around 7%, which continues to tamp down local moves for those holding rates in the 2.5 - 3% range. Relocation from other cities and states into the area is strong. According to U.S. Department of Labor's Bureau of Labor Statistics, the Huntsville/Decatur metro area ranks #1 for the lowest unemployment rate in the nation. This low rate forces employers to seek employees from around the country to fill jobs locally.
Most builders offer incentives to lure new buyers through their doors and to the closing table. Rate buy downs, free upgrades, and seller-paid closing costs are used to bring the next buyer.
We'd love to help you or someone you know relocate to the area. We also work with companies to assist in relocating new employees to the area. As always, we love connecting with past clients and are incredibly grateful for your referrals and trust in our real estate knowledge. Call or email to see how we can assist you!
-The Abercrombie Group
What's Happening in Huntsville
- Golden Hour at Botanical Gardens
- Concerts In The Park
- Food Truck and Trailer Rallies
- Tennessee Valley Hunting and Fishing Expo
- Twilight 5K