The January facts and figures for our local real estate market are in! Let’s take a moment to review the numbers with an overview of Lee County’s January 2023 Residential Report.
Average sales prices remain high.
The upper hand in this area may still belong to the sellers. On average, sales prices for homes in Lee County, Auburn and Opelika all increased year-over-year.
More specifically, Lee County’s average sales prices for January increased by 28 percent compared to January 2022, which equaled a $95,835 increase. For Auburn, the average sales price jumped 33 percent, or $123,312.
Finally, Opelika saw a 6 percent increase from January 2022 to January 2023. That was about a $21,466 boost on average.
Local inventory continues to increase.
When it comes to an overview of Lee County’s January 2023 Residential Report, an increase in inventory stands out.
In fact, in just one year, Opelika’s total homes listed jumped 87.9 percent. That means there were 80 more properties listed this January than last. Auburn saw 27 more properties listed in January 2023.
Properties are spending more time on the market.
Buyers, take a deep breath. Thanks to this current real estate trend, time is on your side!
For example, in January 2022, homes spent an average of 33 days on the market, whereas last month, that figure was 74—that’s a 41-day difference. That means buyers have more time to look, consider and compare before they make an offer.
Auburn condos are still in demand.
A total of 17 condos were listed in Auburn in January 2023. Thirteen properties sold after spending just 32 days on the market, which is 14 days less than January 2022’s average days on the market.
Did we mention the average sales price for condos in Auburn decreased year-over-year by 20.7 percent or by $68,317? That’s more good news for interested buyers!
Summary
Does an overview of Lee County’s January 2023 Residential Report have you ready to make a move? There’s no better time to contact Ryan Roberts to talk about your options in East Alabama than now! Find out more about our local market, listings and community news in general when you continue to read our blogs!