We’re well into spring—and one month closer to summer. As the weather heats up, so does the market—at least according to Lee County’s March 2021 Residential Report. Read on to learn more about the recent findings gathered by the Alabama Center for Real Estate (ACRE).
Soaring Median Sales Prices
Since last year, the median sales price of Lee County homes has soared from $241,000 to $279,000! That denotes a growth of 16.1 percent. So, if you bought back then, you would be looking at an extra $38,000 in value without doing a single thing.
Rising Average Sales Prices Too
It makes sense! Not only are median sales prices rising in Lee County, but average sales prices are too. From March 2020 to March 2021, they skyrocketed from $255,523 to $298,389. Overall, that represents a 16.8 percent surge.
A Better, Faster Month for Sales
No one wants to see their home languish on the market! Good news for sellers: Lee County’s March 2021 Residential Report shows that the number of days homes spend on the market dropped drastically from February to March. Last month, houses took 57 days to sell, as opposed to 69 in February.
An Improvement from Last Month
In just the last month, total residential sales rose from 188 homes sold to 257 homes sold. That charts an impressive 36.7 percent.
Yearly Growth
As it turns out, rising residential sales don’t just mark a monthly jump. They also follow a year-long trend! Residential sales in Lee County grew by 42.8 percent total in the past year.
Fewer Units in General
If you make an offer this season, you really need to stand out among the pack! As opposed to last year, there are 43.1 percent fewer options to choose from. Only a year ago, Lee County had 705 homes on the market. Last month, we had 401. However, that’s more than the 293 units that were on the market in February. And besides, if you work with a knowledgeable Realtor—like Ryan!—you can easily learn how to put in a convincing offer.
Summary
A new month brings new opportunities. From buying, to selling, to both, you can make a change! And, in line with the trends from Lee County’s March 2021 Residential Report, you’ll also enjoy a tidy profit along the way.
Ready to get started? Contact Ryan Roberts today! Plus, check out more residential reports, listings, and real estate market tips on our blog.
