Local real estate is a coveted commodity. Not only are Auburn and Opelika beloved throughout Alabama, but they also have proven research behind their popularity. ACRE, also known as the Alabama Center for Real Estate, conducts quarterly reports based on state trends. They spell out great news for us! Here’s a breakdown of Lee County real estate’s second quarter report to support it!
Yearly Median Home Sales Prices Are Growing
When you sell your home, you’ll hope that real estate appreciation (meaning a rise in value over time) is on your side. Locally, it sure is! It’s grown by 0.4% since last year and 19.6% in the past five years during the month of June.
Quarterly Median Home Sales Are Up
The quarterly sales are also up! Second quarter sales have risen 3.7% in the last year and 16.5% in the past five years.
Yearly Average Sales Prices Are Rising
In the past year, average home sale prices have risen by 5.1%. Now, the average Lee County home sells for $280,456.
Residential Sales Are Decreasing—Which Means a Buyer’s Market
Lee County real estate’s second quarter report shows that we’re in a buyer’s market. It won’t last forever—in the winter and spring, sales typically pick up. Right now though, buyers have all the power, since residential sales have dropped by 15.2% since May.
Days on the Market Are Dropping
Waiting for your home to sell can be stressful! Thankfully, the amount of days that your home will spend on average on the market have decreased in the past year. They’ve dropped by 10.1% in the past year and 47.8% in the past five years. Now, Lee County homes spend an average of 62 days on the market.
Summary
It’s clear as day: Lee County real estate’s second quarter report means profit and progress for local buyers and sellers. If you want to succeed in the market—and find an amazing home—fill out our contact form. To learn more about the wide world of real estate, you can also visit our blog.