We’ve marched well into April, which means now is the time to look at an overview of Lee County’s March 2022 Residential Report to see how our local real estate trends are bloomingcompared to this time last year!
Overall, inventory remains down.
When comparing area stats for March 2022 versus March 2021, it’s clear total residential houses on the market are lower across the board.
The biggest difference can be seen in the Auburn figures. This March, Auburn had a total of 167 houses on the market. Whereas in March 2021 that figure was 226, which is 59 more listings—about a 26 percent decrease. What’s more—Auburn condos saw an even steeper decline—experiencing a whopping 65.5 percent decrease in inventory this year from March 2021.
The number of new listings remains steady.
Interestingly enough, the number of new listings for Lee County, Auburn and Opelika were relatively the same year-over-year. For instance, Opelika reported 70 new listings for both March 2022 and March 2021.
Lee County figures were also an exact match with 229 new listings this March and last March. Auburn, however, had a small boost in new listings compared to last year. March 2022 saw 139 new listings hit the Auburn market. The previous year, there were 136 new listings in March.
Median sales prices are up.
What’s next when it comes to an overview of Lee County’s March 2022 Residential Report, you ask? Good news! The recent trend of median sales prices rising continues with this year-over-year comparison.
In fact, the median sold price for residential houses in Lee County in March 2022 was $324,150 while it topped out at $294,807 in March 2021. That’s more than a $29,000 increase!
Average sales prices are also up.
The good news continues with average sales prices on the rise in East Alabama too! Opelika’s average sold price for March 2022 was $357,013, for example. In March 2021, that figure was $257,961.
When you do the math, you see a $99,052 difference—or a 38.4 percent increase—in just one year!
Houses are spending less time on the market on average.
Both Lee County and Auburn saw a dip in the average amount of time houses spent on the market year-over-year. For Lee County, those figures were 61 days on average during March 2021 and just 45 days on average this March—a 26.2 percent decrease.
Auburn had similar numbers with 68 days on the market in 2021 and 44 average days this year—a 35.3 percent decrease. Opelika, however, basically remained the same with averages at 52 and 53 days on the market respectively.
Summary
The stats are in and an overview of Lee County’s March 2022 Residential Report leaves us with a spring in our step! Are you looking to refresh and renew your search for a new home in East Alabama? Contact Ryan Roberts today. In the meantime, read up on what’s available and more when you keep reading our blogs!