Another interesting month for real estate! Learn about the trends, figures, and percentages as we explore the highlights from Lee County’s May 2022 Residential Report.
More homes on the market
Buyers will be happy to hear that there was more inventory in May 2022. Lee County had 354 homes on the market, as opposed to the 292 homes listed in May 2021. Overall, the inventory increased by 21.2 percent year-over-year.
Less time for homes on the market
There may be more houses, but they’re still going fast. They’re selling 18.8 percent quicker, dropping from 48 to 39 days on the market compared to last May in Lee County as a whole. In Opelika, that percentage is even higher, with homes spending 40.7 percent less time on the market on average from May 2021 to May 2022.
Lee County homes continue to appreciate.
Homes are an investment—and in Lee County, they’re a strong one. In the past year, the average sales price for Lee County homes skyrocketed from $326,422 to $369,208. That means they’ve increased in value by 13.1 percent.
Auburn and Opelika homes prices look strong.
We’ll go more into detail with city-specific home prices—one of the big highlights from Lee County’s May 2022 Residential Report. Opelika homes increased their average sales prices, going from $291,657 to $314,585—an increase of 7.8 percent. In the same time period, Auburn homes grew their average sales price from $355,040 to $420,765, which is an 18.5 percent increase.
Condos are a hotter commodity.
Searching for a game day pad, a student residence or an investment? Back in May 2021, Auburn had 49 condos listed on the market. This past May, there were just 28—a 42.9 percent decrease.
Faster selling times for Auburn condos
Just to emphasize that point, condos in Auburn are selling faster too. The average days on the market for a condo in May 2021 was 30 days, as opposed to 24 days this year. They’re being snapped up 20 percent quicker.
Higher average sales price for Auburn condos
Rounding it all out, condos also saw a higher average sales price. It went from $221,793 to $248,507 in the past year. That’s an increase of 12 percent.
Impressive total figures
Last but not least, let’s take a look at the difference in total property dollars sold in Lee County. May 2021 had an incredible sales volume at $78,667,620. Amazingly, May 2022 blew that number out of the water with $83,810,312 in total sales—a 6.5 percent increase.
Summary
If these highlights from Lee County’s May 2022 Residential Report have inspired you to buy or sell, then we know just the Realtor to call: Ryan Roberts.
He has extensive expertise in the East Alabama real estate market—so what are you waiting for? Contact him here. You can also learn more about the market and all the trends over the years on our blog.
