More options, more time to decide, and solid sales prices are just a few takeaways from Lee County’s November 2022 Residential Report worth noting.
Inventory continues to increase.
We all love choices, which is one reason having more homes on the market is a bonus! Searching for your dream home in Opelika, for example, just got easier with 67 percent more listings this November versus November 2021.
To clarify, in November 2021, there were 100 homes total on the market in Opelika. However, a year later, that figure totaled 167.
In Lee County as a whole, there were 32 percent more listings, and in Auburn, homes listed increased by 2.4 percent year-over-year.
Homes are spending more time on the market.
Potential homebuyers rejoice! Thanks to a slight shift, homes are spending a little more time on the market. For instance, those looking to buy a home in November 2021 may have felt the pressure of a fast turnaround with an average of 32 days on the market in Lee County.
However, November 2022 figures indicate Lee County listings as a whole spent an average of 40 days on the market. That gives an interested party 25 percent more time to search and decide!
In Auburn, that number is even higher—with homes spending 51.4 percent more time on the market in November 2022 compared to November 2021.
Average sales prices for homes are still going up.
Here is one more of the takeaways from Lee County’s November 2022 Residential Report worth celebrating for sellers. Average sales prices for homes continue to increase in Lee County, Auburn, and Opelika.
In fact, Auburn is leading the charge with an 8.9 percent increase from $396,275 in November 2021 to $431,378 in November 2022.
Median sales prices are up year-over-year.
When looking at the home values in the middle of the pack in our area, you will notice a year-over-year increase across the board.
Lee County, in particular, saw a 11.2 percent increase from $323,597 in November 2021 to $360,000 last month.
In Auburn, the median sales prices jumped from $359,719 in November 2021 to $403,425 last month, which represents a 12.2 percent increase.
Summary
If these key takeaways from Lee County’s November 2022 Residential Report piqued your curiosity, dig deeper into local real estate by exploring our blogs!
