“Supply & Price” Drive Local Market in First Quarter
The residential real estate market in Madison County in the first quarter 2020 can be described in two words—Supply and Price. Demand continued to be strong through the end of March unlike many other sectors of the economy. The supply of homes did not grow as fast as demand which resulted in an increase in prices especially in the $200,000 to $300,000 range. The number of homes above $350,000 saw the largest sales increase (137) as well as the largest drop in supply (300).