{"id":9911,"date":"2024-05-10T09:00:00","date_gmt":"2024-05-10T13:00:00","guid":{"rendered":"https:\/\/nationalland.com\/blog\/?p=9911"},"modified":"2024-05-08T11:25:49","modified_gmt":"2024-05-08T15:25:49","slug":"north-alabama-real-estate-market-update-2024","status":"publish","type":"post","link":"https:\/\/nationalland.com\/blog\/north-alabama-real-estate-market-update-2024\/","title":{"rendered":"North Alabama Land Real Estate Market Update 2024"},"content":{"rendered":"\n<p>In the wake of COVID-19, many real estate markets across the country have experienced significant growth as the advent of remote working has allowed both employees and employers alike to untether themselves from their traditional workspaces. This large-scale movement of industries and workers has led to the rapid expansion and development of many areas of the country, with many southeastern states leading the charge. One such market is that of Huntsville and North Alabama.&nbsp;<\/p>\n\n\n\n<p>During his <a href=\"https:\/\/nationalland.podbean.com\/e\/have-northwest-alabama-land-real-estate-markets-cooled\/\" target=\"_blank\" rel=\"noreferrer noopener\">appearance on the National Land Podcast<\/a>, Land Broker for the Huntsville, AL Office <a href=\"https:\/\/nationalland.com\/real-estate-agent\/jonathan-berryhill\" target=\"_blank\" rel=\"noreferrer noopener\">Jonathan Berryhill<\/a> explained some of the growth seen in his area over the past few years and provided his outlook on the North Alabama real estate market in 2024!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Home Prices in North Alabama<\/h2>\n\n\n\n<p>Home prices across the country have significantly increased as inflation and skyrocketing demand continue to push the median home price in America ever higher. While this growth was seen in many markets across the country over the past few years, the market in North Alabama has been slowly but steadily growing for the last decade, culminating in notable developments in Huntsville, Marion, and the surrounding areas.<\/p>\n\n\n\n<p>\u201cSo from 2014 to 2023, home prices in [North Alabama] grew by 86%. That\u2019s insane. It\u2019s about an average of 9.29% every year; you can\u2019t hardly find a 401K with that kind of return. So 10 years ago if you would have bought land or a home, statistics show that you\u2019d have made about 10% every year and if you were to sell today, you\u2019d be looking at an 86% growth. That\u2019s pretty substantial if you ask me for an investment. And that\u2019s what\u2019s happened here in the Huntsville\/North Alabama area. It\u2019s all because of the development that\u2019s going on here, from government contracting with Redstone Arsenal and NASA to major manufacturing companies like Boeing, Polaris, Toyota, and Mazda. It\u2019s not slowing down either.\u201d<\/p>\n\n\n\n<p>While interest rates have slowed purchases somewhat, there\u2019s still an abundance of willing buyers who have waited to invest in land or a home. Berryhill also explained that developers and investors have remained largely undeterred by current interest rates, with acquisitions by these two types of buyers staying consistent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Commercial Development in North Alabama<\/h2>\n\n\n\n<p>Driving much of the growth in North Alabama has been the influx of commercial developments and industrial expansion, leading to more available jobs and housing. When it comes to the way that development is being approached in North Alabama, community planning appears to be front and center in the minds of developers and city planners. Rather than the sprawling suburbs and shopping centers of yesteryear, today\u2019s developments seem to take a more holistic approach to living and access to convenience services. Berryhill emphasized this, stating the following:<\/p>\n\n\n\n<p>\u201cOne of the recent [developments] we had was in Madison with the Trash Panda Stadium. That whole area was woods and agriculture, and they\u2019ve turned it into a very hip-type area with loft apartments, condos, nice restaurants, and the stadium. They\u2019ve created such an attraction. So it\u2019s not just your everyday commercial-type stuff that makes people want to come to Huntsville or North Alabama. It\u2019s not just everyday shopping centers, but instead, there are areas where everything\u2019s kind of built around a community in itself. There was another development a few years ago called Cliff Farms, and it\u2019s been turned into living spaces, green spaces, commercial spaces, and on the backside even some industrial space. It\u2019s neat, it\u2019s not just a cookie-cutter shopping center neighborhood.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Real Estate Conditions and Predictions for 2024<\/h2>\n\n\n\n<p>Given the significant development observed over the past few years in North Alabama, many are likely wondering whether this growth is expected to continue throughout the coming year. While there are many factors to consider which could impact development such as interest rates, inflation, and other large-scale influences, many remain optimistic about the future of the North Alabama real estate market.<\/p>\n\n\n\n<p>Speaking to the growth seen in Huntsville and Madison, Berryhill stated, \u201cWhen you start adding population, you start getting limited on your inventory, and then prices are going to be way higher. We\u2019re seeing the same thing with Athens on the other side of Madison too. I just put a property under contract in Madison around the $50,000 per acre range. If you go out to Limestone County, we\u2019re selling around $15,000 per acre. Move into Lauderdale County and we\u2019re seeing 10, 15, up to $18,000 an acre there.\u201d<\/p>\n\n\n\n<p>\u201cIt\u2019s all because of the development, and I think we\u2019re going to plateau where it is for a little while. I always say real estate is like stairs; you shoot up and then you flatten out, and then you shoot up again and flatten out. I think we\u2019re at a flat mark right now, and I think that whatever happens in the election will determine the direction that it goes. I don\u2019t believe we\u2019re going to go down. Land doesn\u2019t tend to go down in value because we aren\u2019t making any more of it. So again I tell my buyers and sellers that now is the time to buy because it\u2019s gone up 86% over the last decade and it&#8217;s likely to continue. If you look at the markers from 10 years ago and what\u2019s happening here in North Alabama, in my opinion, you\u2019re nuts to think anything is going down with the statistics and development we\u2019re seeing out there right now.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>Possibly as a response to the growing demand for land ownership from the general public, land loans are becoming a more common offering from traditional lenders and creating more opportunities for first-time land buyers to make their initial purchase. Berryhill spoke to this shift, stating, \u201cRight now rates on land are in that 9-10% range, some lenders I\u2019ve talked to are a little lower than that, but what I\u2019ve noticed the most is that your everyday bank is now looking at land loans. I think it\u2019s going to grow even more popular because there\u2019s a lot more land here than there are houses. I think that\u2019s the biggest thing I\u2019ve seen. It has slowed down some in residential (areas) but for land purposes, there are still a lot of people buying, they still see the value.\u201d<\/p>\n\n\n\n<p>If you\u2019re interested in learning more about the real estate market in North Alabama or possibly finding a property of your own, reach out to <a href=\"https:\/\/nationalland.com\/real-estate-agent\/jonathan-berryhill\" target=\"_blank\" rel=\"noreferrer noopener\">Jonathan Berryhill<\/a> at Jberryhill@NationalLand.com or contact your <a href=\"https:\/\/nationalland.com\/real-estate-agents\" target=\"_blank\" rel=\"noreferrer noopener\">local Land Professional today!<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of COVID-19, many real estate markets across the country have experienced significant growth as the advent of remote working has allowed both employees and employers alike to untether themselves from their traditional workspaces. This large-scale movement of industries and workers has led to the rapid expansion and development of many areas of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/nationalland.com\/blog\/north-alabama-real-estate-market-update-2024\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;North Alabama Land Real Estate Market Update 2024&#8221;<\/span><\/a><\/p>\n","protected":false},"author":92,"featured_media":9915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[747,11],"tags":[1546,1406,1592,1593,1591,1585],"class_list":["post-9911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-land","category-selling-land","tag-1546","tag-al","tag-huntsville","tag-jonathan-berryhill","tag-north-alabama","tag-real-estate-outlook","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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