We can officially say 2020 is in the books. And we’re happy to say it means it’s time to recap Lee County’s 2020 Residential Report from the Alabama Center for Real Estate (ACRE). Read on as we hit the high points!
Average sales prices are up.
We’ve had our eye on this positive trend for a while now. Hence, we’re pleased to report it continues. Lee County residents enjoyed a 6.1 percent increase in just one year from 2019 to 2020. Compared to five years ago the increase is even better at 18 percent.
The average selling price continues to impress.
Sales prices are up. To be specific, the average sales prices for a home in 2020 was $286,945. In 2019, the average sales prices was $270,401. Looking back to 2015 makes this one of the more impressive high points of Lee County’s 2020 Residential Report.
The average sales price for homes in Lee County five years ago was $242,971. That’s roughly a $44,000 increase.
Median sales prices are also up.
The fact that median sales prices are up year-to-year adds further proof that homes in Lee County are appreciating in value. The median sales price for homes in 2020 increased by 7.9 percent when compared to 2019. This is good news for both buyers and sellers!
More total homes were sold.
Lee County’s 2020 Residential Report shows that people were on the move! There were 300 more completed transactions in residential sales in 2020 than 2019. To break it down by the numbers, 2,400 Lee County homes sold in 2020. In 2019, the figure was 2,100.
The inventory is steady.
The number of homes on the market remains steady. Broken down by an estimated monthly supply, both 2019 and 2020 remained in the 3 percent range. This could mean opportunities for homeowners interested in selling. With less competition, homes for sale are in demand.
Homes are selling faster.
High demand leads right into this next high point! On average, homes were spending 68 days on the market in 2020. That’s about a week less than the 2019 average of 75 days on the market.
Summary
Lee County’s 2020 Residential Report recapped a positive year for real estate overall. It also sets the stage for continued growth in 2021. Now might be the time to consider your options. Curious about the specific options for selling, buying or both in the Lee County market? Contact Ryan Roberts. Interested in additional real estate trends and news? Check out his blogs to find out more!