Wondering how the local housing market is doing? Get the latest information on market conditions, price movements, and real estate trends from Lee County’s October 2022 Residential Report.
Inventory is up
If you are looking for a home this holiday season, you will be happy to hear that the housing inventory in our area has risen. Comparing October 2021 to October 2022, we can see that in Lee County as a whole, there were a total of 374 homes listed in 2021 and that this year there were 485—a 29.7% increase!
Opelika saw the biggest increase at 77%, with 100 homes being listed in 2021 and 177 in 2022. Although Auburn held the same inventory from this time last year, both October 2021 and October 2022 had 229 homes listed.
Average sold price has increased
As we watch the inventory of homes go up, we are also seeing a rise in the price tags that come along with them. The average sold price for homes in Lee County during October 2022 was $389,358—a 17.3% increase from $331,925 one year ago.
Auburn also saw a jump in average sale prices, rising 17.4% from $382,575 in 2021 to $448,960 in 2022. Opelika saw a much smaller increase in average sold price, going from $294,236 in October 2021 to $299,898 in October 2022—a 1.9% increase.
Homes are spending more time on the market
More homes and higher prices have resulted in homes spending more time on the market.
In October 2021, homes in Lee County were spending an average of 26 days on the market. In October 2022, they spent an average of 34 days on the market—a 30.8% increase!
Auburn homes saw a 20% increase in average days on the market, rising from 30 in 2021 to 36 in 2022. Opelika homes saw the greatest increase in days on the market, with a 77.8% increase.
Fewer properties were sold
With this overview of Lee County’s October 2022 Residential Report, we are seeing a decline in properties sold. Although homeowners are seeing the appeal of listing their homes with the rising average sold prices, price appreciation seems to be holding buyers off.
The numbers show that Lee County saw a 26% decline in homes sold from October 2021 to October 2022. Auburn reports a decline of 19.8% and Opelika a 37.2% decrease.
Condos are still moving
Home sales may have declined, but Auburn condos are seeing a great increase in sales. The number of condos sold in the city of Auburn rose 66.7% from October 2021 to 2022! They have also seemed to hold a steady average sold price, only decreasing 1% from $277,433 in 2021 to $274,576 in 2022.
Summary
Lee County’s October 2022 Residential Report tells us that the housing market may be taking a turn soon. Buyers have more inventory to choose from and seem to be taking their time choosing. Does this mean sellers will have to start lowering their asking price? Stay updated with our monthly residential reports!
Do you need some guidance in buying or selling your home? Contact Ryan Roberts! Finally, continue reading our blogs to stay updated on all the latest local real estate news and community events.
