For many, living in Lee County inspires a sense of pride. The beautiful environment, the friendly residents, and the thriving economy—Lee County is an Alabama success story. In fact, may be even more impressive than you realize. According to research from the Alabama Center for Real Estate—also known as ACRE—Lee County ranks in Alabama’s Top 5 Markets for Home Price Appreciation. Unsure of what that means? Don’t worry—we’re here to help make sense of the statistics.
What is home price appreciation?
In order to understand what this news means, it helps to know just what home price appreciation is. When it comes to the housing market, home price appreciation relays how much a house grows in value over time. This growth is a good thing. Not only does it mean that buyers have made a good investment, but it means that they can sell their homes for a profit, too. The fact that Lee County ranks in Alabama’s Top 5 Markets for Home Price Appreciation benefits both buyers and sellers indeed.
What is Lee County’s ranking—and how does it stack up?
As of February 2019, the median price appreciation in Lee County is 13 percent. That means that over time, houses bought and sold in Lee County, Alabama, will increase in value by 13 percent. It’s even more impressive when you compare the numbers with statewide and national averages.
Currently, the state of Alabama is reported to have a median price appreciation of just 3 percent. The national average isn’t much bigger at 3.6 percent. That means that the houses in Lee County have a median price appreciation 9.4 percent higher than the national average and 10 percent higher than the state average.
There’s more good news to come, too. ACRE’s research also notes that the real estate market in Lee County represents the fourth-fastest rising home values in Alabama. Plus, sellers in Lee County have reported faster selling times, averaging at 11 days quicker than the national expectancy of 83 days. Sounds like Lee County’s real estate market is on the rise—even in comparison to national statistics!
Conclusion
The fact that Lee County ranks in Alabama’s Top 5 Markets for Home Price Appreciation means that it’s a great time and place to become a homeowner. If you’re ready to begin your home-buying journey—or you want to sell in the Auburn, Opelika, and Lake Martin area—fill out our contact form here. Finally, to learn more about the real estate market, visit our blog here.