May is a turning point for many things—including school getting out for summer, the weather changing and, according to these highlights from Lee County’s May 2023 Residential Report, some changes in the local housing market!
Inventory is up.
If you’re looking to make Lee County your future home, there are more options now than ever! Compared to the 354 homes listed in May 2022, there were 487 homes listed in May 2023 in Lee County as a whole—a 37.6% increase!
Opelika saw the biggest increase, rising 63.9% from 108 homes listed in May 2022 to 177 homes listed in May 2023. Auburn also saw a rise, with a 31.7% increase—going from 199 homes listed this time last year to 262 this year.
Homes are spending more time on the market.
With a rise in inventory, we are also seeing that homes are spending more time on the market.
In May 2022, homes in Lee County spent an average of 39 days on the market. In May 2023, homes spent an average of 49 days on the market—a 25.6% increase.
Homes in Opelika have seen the greatest increase in average days on the market, with a 68.8% rise from 32 days in 2022 to 54 in 2023. In comparison, Auburn homes saw a very small increase in average days on the market, with a 4.3% increase year-over-year.
Average sold prices have increased.
As the market favors buyers more than it has been in the last couple months in terms of inventory and time, it favors sellers in terms of average sold prices. The average sold price for homes in Lee County during May 2023 was $415,603, a 12.5% increase from $369,295 a year ago.
Now let’s take a closer look at Opelika and Auburn. Opelika saw an increase of 18.1% in average sold prices, rising from $314,372 in 2022 to $371,149 in May 2023. Auburn, however, saw a slightly smaller increase, rising 16% from $418,760 in May 2022 to $485,932 in May 2023.
Overall, fewer properties sold.
Keeping all these key points from Lee County’s May 2023 Residential Report in mind, it is also important to mention that fewer properties sold in Lee County overall compared to last year at this time.
Stats show that Lee County saw a 19.2% decrease in homes sold from May 2022 to May 2023. Auburn reported a 26.4% decline, and Opelika saw a 21.1% decline.
Condo sales have picked up.
While home sales slowed, condo sales did not. The number of condos sold in Auburn rose by a whopping 68% when comparing May 2022 to May 2023. Average sold prices of condos were also up 16% year-over-year.
Summary
Now that you know all these key takeaways, if you are looking to make a real estate move in the Lee County area, now is the time! Contact Ryan Roberts to get started. And finally, continue reading our blogs to keep up with real estate news and updates.
