From the ever-growing city of Auburn to the lively city of Opelika, housing market trends are constantly evolving. Let’s explore the latest prices and trends in this roundup of highlights from Lee County’s March 2023 Residential Report.
Inventory is up across the board.
Those looking for a change of scenery in 2023 will be happy to hear that the housing inventory in our area has risen significantly. Compared to the 283 homes listed in Lee County in March 2022, there were 441 homes listed in March 2023—a 55.8% increase!
Opelika had the biggest increase at 73.7%, with 99 homes being listed in 2022 and 172 homes in 2023. Auburn saw a 32.3% jump, from 167 being listed this time last year to 221 this year.
Homes are spending more time on the market.
Although inventory is up, we are also seeing that homes are spending more time on the market.
In March 2022, homes in Lee County spent an average of 44 days on the market. In March 2023, they spent an average of 76 days on the market—a 72.7% increase!
Auburn homes saw the greatest increase in average days on the market, rising 109.3% from 43 days in 2022 to 90 days in 2023. Opelika homes saw a slight increase in days on the market, with just a 20.8% increase.
Average sold prices are fluctuating.
As inventory rises and the housing market becomes more competitive, we are overall seeing a decrease in average sold prices as a result. The average sold price for homes in Lee County during March 2023 was $361,997—a 4.6% decrease from $379,450 a year ago.
Homes listed in Opelika saw a decrease in price, dropping 10.5% from $355,594 in 2022 to $318,297 in March 2023. But, on the contrary, Auburn actually saw a slight increase, rising 3.2% from $419,619 in March 2022 to $432,869 in March 2023.
Overall, fewer properties were sold.
Looking at these highlights from Lee County’s March 2023 Residential Report, you can see that fewer properties were sold overall in Lee County.
Numbers show that Lee County saw a 28% decline in homes sold from March 2022 to March 2023, while Auburn reports a 46.5% decline. On the other hand, we are seeing Opelika report a 13.2% increase in homes sold, perhaps in response to the lower prices in the area.
Condo inventory remains limited.
Another one of the important highlights from Lee County’s March 2023 Residential Report has to do with condo inventory. A total of 19 condos were listed in Auburn in March 2022 compared to 22 condos listed in 2023. While that shows a 15.8% increase in inventory, the numbers reflect that condo inventory in Auburn generally remains limited.
Another point about Auburn condos: the average sold price rose from $248,253 in 2022 to $279,367 in 2023—a 12.5% increase.
Summary
Whether you’re a first-time homebuyer, an investor or just learning about the local housing market, let these highlights from Lee County’s March 2023 Residential Report be a guide for you. Or contact Ryan Roberts, your local real estate expert!
Continue to stay updated by checking back monthly for our residential reports! And, continue reading our blogs for more real estate news and updates.
