Even though the number of homes for sale increased from September 2021 to 2022, sales across the board were down, which is a sign that the market is cooling off. Let’s check out some more key points from Lee County’s September 2022 Residential Report.
Inventory continues to grow.
In Auburn, Opelika, and Lee County as a whole, inventory has risen across the board. In Lee County as a whole in September 2022, there were 474 homes on the market, a 28.5 percent increase from September 2021. Auburn saw a small 4 percent increase year-over-year, while Opelika saw a significant 47.2 percent increase in home inventory.
The number of properties sold has declined across the board.
Although the number of homes on the market grew, all areas have reported a lower number of homes sold compared to this time last year. Is price appreciation to blame? More on that in a minute.
The numbers show that Lee County overall saw a 41.1% decrease in homes sold year-over-year from September 2021 to 2022. Auburn reports a 49.6% decrease, and Opelika a 31.3% decrease.
Average sold prices for homes continue to rise.
Despite the decrease in homes sold, the average sold price for homes in Lee County in September 2022 went up 16.3 percent from September 2021. Homes in September 2021 sold for an average of $345,543, whereas in September 2022, they sold for $401,990. This is a $56,447 increase!
Compared to the previous year, Auburn had the biggest increase in average sold price. It leapt from $378,271 last year to $461,371 this year, resulting in a 22 percent increase! Opelika also had a large increase in average sold price, going from $307,087 in September 2021 to $373,286 in September 2022—a 21.6% increase.
Houses are spending more days on the market.
Notably, one of the trends we see from Lee County’s September 2022 Residential Report is the increase in days houses are spending on the market.
In September 2021, homes in Lee County spent an average of 31 days on the market. Lee County homes in September 2022 reportedly spent an average of 41 days on the market—a 32.3 percent increase.
Auburn homes saw the greatest increase in days on the market, with a 71.9 percent increase from 2021. Homes went from being on the market for 32 days in 2021 to 55 days in 2022. Opelika homes spent about the same amount of time on the market this September compared to last, at 29 days and 28 days respectively.
Condos are still selling quickly.
Now, let’s talk condos. While homes are spending more time listed, the average days on the market for condos in Auburn is down from 55 days last year to 38 days this year—that’s a 30.9 percent decrease!
We are also seeing a 7.3 percent increase in average sold prices, rising from $263,151 in September 2021 to $282,309 in September 2022. Auburn condo inventory remained relatively steady year-over-year, with 28 condos listed in September 2021 compared to 31 in 2022.
Summary
Lee County’s September 2022 Residential Report shows that the hot housing marketing we’ve seen over the past year or more favoring sellers may finally be cooling down a bit. Buyers may be regaining some leverage when it comes to negotiating for what they want out of a home sale. Stay tuned!
Are you ready to buy or sell your home in Lee County? Contact Ryan Roberts! Finally, to stay updated on all things real estate, continue reading our blogs.
