Recently, the housing market has favored sellers, but will that soon change? Let’s take a look at an overview of Lee County’s July 2022 Residential Report to learn more about current housing market trends in our area.
Inventory is still going up.
If you are looking to buy a home in the Lee County area, you will be happy to hear that inventory has continued to climb. In July 2022, there were 426 homes on the market, up from the 400 homes in July 2021—a 6.5 percent increase.
Interestingly, while the number of houses on the market went up as a whole, certain areas have reported a lower number of homes being sold compared to the previous year, while others have reported a higher amount. The number of Auburn houses on the market dropped from 265 homes in July 2021 to 229 homes in July 2022. But the number of houses on the market in Opelika grew from 100 in July 2021 to 141 in July 2022.
Auburn condo inventory also went up 34.6 percent last month compared to the previous year.
Houses are still selling faster than last year in most areas.
According to Lee County’s July 2022 residential report, the market continues to be a seller’s market. With a high desire for homes, we are seeing that houses are selling fast and spending fewer days on the market year-over-year in most areas.
In July 2021, homes in Lee County were reported to have spent an average of 39 days on the market. In July 2022, however, homes spent an average of 33 days on the market– a 15.4 percent decrease.
Homes in Auburn experienced a similar trend, with a 15.5 percent decrease from 45 days in 2021 to 38 days this year. In Opelika, the number of days actually increased by 24 percent, rising from 25 days in 2021 to 31 days in 2022.
Condos are going fast.
Auburn homes sold faster in 2022 compared to 2021, but know what sold faster than that? Auburn condos! Condos in the city of Auburn continue to be a hot commodity. Average days on the market for Auburn condos dropped from 49 days on the market in July 2021 to just 7 days on the market in July 2022– an 85.7 percent decrease!
The average sold price for Auburn condos has also risen within the last year. We are seeing a 9.8 percent increase from the average sold price of $256,438 in July 2021 to $281,685 in July 2022.
Average sold prices are up across the board.
Sellers in the Lee County area continue to experience return on their homes’ investment. The average sold price for all area homes in July 2022 is up by 11 percent from July 2021. In July 2021, the average sold price for homes in Lee County was $350,133, whereas in July 2022, it was $388,994. This is a $38,861 increase from the previous year!
Auburn had the largest increase in average sold price from the previous year with a jump from $388,714 last year to $468,833 this year. That is a 20.6 percent increase! Opelika also saw a slight increase in average sold prices from $288,808 in July 2021 to $296,356 in July 2022.
Summary
Lee County’s July 2022 residential report tells us that the housing market is still favoring sellers in some aspects. However, buyers will be happy to know that inventory is on the rise! Does this have you ready to buy or sell your home in Lee County? Contact Ryan Roberts today!
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