We’re familiar with our homes, but how familiar are we with our place in the real estate market? If you’re curious about the Lee County market, read on as we go through the main takeaways from Lee County’s Q2 Residential Report from the Alabama Center for Real Estate (ACRE).
Average sales prices continue to rise.
When you buy a home, you want its value to appreciate over time. That way, when you sell it, you can make a profit. Lee County residents will be happy to know that the average sales price for local homes has risen by 12.8 percent in the last three years and 19.8 percent in the past five years.
The average selling price is impressive.
Sales prices are rising. Wondering what the actual numbers are? Back in Q2 of 2015, the average selling price for a home in Lee County was $201,972. Five years later, that figure has grown dramatically, reaching $284,120. That means even during the time of COVID-19, our home values continue to stay strong.
The median sales price is also growing.
The median sales price has grown by 21 percent in the last five years, rising from $216,506 to $261,878. This helps corroborate one of our main takeaways from Lee County’s Q2 Residential Report: the fact that local homes are appreciating in value. That’s good for both buyers and sellers!
The inventory is decreasing.
Sellers, you may be cautious about putting your homes up for sale, but you actually have a great opportunity right now. The number of homes on the market decreased by 3.5 percent over the last year, meaning that you have much-wanted property with fewer competitors.
Homes are selling faster.
You don’t want to be stuck waiting for your home to sell. No one does! Fortunately, homes are currently spending 6.6 percent less time on the market than they were during this time last year.
The number of days your home spends on the market is low.
This time last year, homes waited for a buyer for an average of 66 days. Now, they are up for sale for an average of 61 days. So, if you thought now may be a bad time to sell, the data shows that you can still succeed!
Summaries
Lee County’s Q2 Residential Report offers advantages for both buyers and sellers. If the facts and figures have emboldened you to start your own real estate journey, Ryan Roberts is ready to help. Fill out his contact form here to buy, sell, or both in the Auburn, Opelika, and Lake Martin area. Finally, check out his blog to learn more about the world of real estate.