The Auburn-Opelika area has gained high rankings in many economic and educational markets lately, and the trend isn’t over yet. Lee County ranks in Alabama’s Top 5 Markets for New Construction at number two, according to an analysis recorded by the Alabama Center for Real Estate. If you’re looking for new construction housing, Lee County is showing the initiative.
Households across Lee County made 349 closed transactions, accounting for 16.3 percent more transactions than made in 2017. Since last year, Lee County has seen inventory increase from 203 new construction houses to 255—that’s a 25.6 percent rise. Among residential transactions, new construction accounts for 28.6 percent, an increase from last year’s 23 percent. Overall, the volume of new construction sales in Lee County shows a 10.4 percent year-over-year increase.
Though Lee County ranks in Alabama’s Top 5 Markets for New Construction at second place, the county leads in median price appreciation across the state—showing a price increase of 9.4 percent.
Meanwhile, Alabama saw an increase in sales volume on new construction listings: 620 to 694 transactions, or an 11.9 percent increase, with 4,626 total closed transactions. While the state showed flattened inventory growth despite healthy sales for new construction listings in July 2018, Alabama reported significant inventory gains during the first half of the year. This data expresses an 8.9 percent increase with an average of 2,963 listings, whereas inventory for residential inventory has fallen by 9.2 percent since 2017.
The Alabama Center for Real Estate provides resources and leadership for realtors across Alabama, including education and seminars on real estate laws and other information, forecasting, research, relevant data—such as how Lee County ranks in Alabama’s Top 5 Markets for New Construction analysis—and support for students.
Interested in new construction in the Auburn, Opelika, and Lake Martin area? Call Ryan Roberts at 334-750-9872 or email [email protected]! For more real estate news, continue following the Ryan Roberts Realtor blog!