Thursday, September 27, 2007

Survey: Huntsville real estate most affordable in Alabama

Birmingham Business Journal

Huntsville has been ranked Alabama's most affordable residential real estate market in Coldwell Banker LLC's 2007 Home Price Comparison Index.

The study looked at 2,200 square feet, four bedroom homes in 317 American markets. The average price of such a home in the Huntsville market was $212,183. That price was $232,375 in Mobile, the state's most expensive residential market, which makes a total gap of $20,192.

The HPCI found that, again, the nation's most expensive market was Beverly Hills, Calif., at a $2.2 million average. Killeen, Texas, reclaimed its 2005 crown as the most affordable U.S. market at an average $136,725.

"The real estate market has certainly changed over the last year," Coldwell Banker CEO Jim Gillespie said in a statement. "I continue to point out that we cannot make national blanket statements about appreciation and inventory. Real estate is a local business, with each market having its own story to tell.

People continue to move for lifestyle, he said. "They did before, they are today and they will tomorrow."

Six of the nation's 10 most affordable markets are also home to or located in close proximity to major U.S. military posts. Eight of the top 10 most expensive markets in the U.S. are in California.