Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Huntsville | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,007 | $158,589 | $242,182 |
| Price Trend (Annual %) | 3.8% | 7.1% | 8.2% |
| Median Gross Rent | $1,049 | $962 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Huntsville is about 11% higher than in Alabama. Rent is about 9% higher than the Alabama average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Huntsville, up about 3.8% and 5.3% a year respectively. Rent is changing faster.
Median rent in Huntsville rose about 45.7% between 2015 and 2023, from $720 to $1,049. Over the same span, rent in Alabama rose about 34.2%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Huntsville.
Buying the median-priced home in Huntsville costs roughly 14.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Huntsville. The price-to-rent ratio in Alabama is about 13.7.
| Metric | Huntsville | Alabama Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,007 | $158,589 | $242,182 |
| Median Household Income | $69,951 | $62,318 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Huntsville rose about 24.0%, while median household income rose about 47.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Huntsville | Alabama Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.7% | 59.5% | 58.2% |
| Rental Rate | 37.9% | 25.6% | 31.3% |
| Vacancy Rate | 8.4% | 15.0% | 10.6% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Huntsville has a homeownership rate of 53.7%, lower than the Alabama average of 59.5%. Its housing vacancy rate is 8.4%, compared with 15.0% in Alabama.
Housing Stock
| Metric | Huntsville | Alabama Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.50 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Huntsville was built around 1985. On average, 2.2 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Huntsville, Alabama.
What is the median home price in Huntsville, Alabama?
The median home price in Huntsville, Alabama is $176,007, higher than the Alabama average of $158,589.
What is the average home price in Huntsville, Alabama?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Huntsville, Alabama?
The median gross rent in Huntsville, Alabama is $1,049 per month, higher than the Alabama average of $962.
What was the median gross rent in Huntsville in 2020?
In 2020, the median gross rent in Huntsville, Alabama was $842 per month.
What is the price-to-rent ratio in Huntsville, Alabama?
The price-to-rent ratio in Huntsville, Alabama is about 14.0, meaning it would take roughly 14.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Huntsville.
Are home prices or rent rising faster in Huntsville, Alabama?
Both home prices and rent are rising in Huntsville, up about 3.8% and 5.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Huntsville, Alabama?
53.7% of households in Huntsville, Alabama own their home, lower than the Alabama average of 59.5%.
What is the vacancy rate in Huntsville, Alabama?
The housing vacancy rate in Huntsville, Alabama is 8.4%, lower than the Alabama average of 15.0%.