What’s hotter than this summer’s temperatures? Getting more and more local real estate news, that’s what! Let’s check out the highs and lows by taking a look at Lee County’s June 2023 Residential Report now.
Homes continue to spend more time on the market.
A steady trend jumps out when looking at Lee County’s June 2023 Residential Report. And there doesn’t appear to be a change in the immediate forecast! Buyers may still be enjoying a slight advantage as homes spend more time on the market.
For instance, in Auburn, homes spent an average of 34 days on the market in June 2022. However, this June, that figure rose to 64, which is an 88.2 percent increase! Average time spent on the market was also up in Opelika (57.7 percent).
There are also more homes to choose from.
In other words, local inventory continues to increase. In fact, Lee County had a total of 545 homes listed in June 2023, compared to 385 in June 2022.
For Auburn, total homes listed jumped by 30.1 percent, with a total of 307 homes listed last month. Opelika also saw an increase in inventory. More specifically, Opelika saw a whopping 72.9 percent jump, going from 107 homes listed in June 2022 to 185 listed last month.
Average sold prices are higher year-over-year.
It’s time for the sellers to do the happy dance with this local market trend! Average sold prices continue to increase across the board in our local market year-over-year.
The average sold price for Lee County homes in June 2023, for example, was $423, 635. That’s $31,418, or an 8 percent increase, from June 2022’s figure. Auburn’s average sold prices jumped by 8.6 percent, from $456,201 last year to $495,373 this year.
Finally, Opelika experienced a 5.3 percent increase, jumping from $326,910 in June 2022 to $344,330 in June 2023.
Auburn condos keep marching to their own beat.
When it comes to Auburn condos, inventory was down by 47.4 percent in June 2023 compared to June 2022. To clarify, last month, there were 20 total condos listed in Auburn. In June 2022, however, there were 38 condos on the market.
Auburn condos also spent less time on the market when looking back to last summer. In June 2023, condos typically spent about 10 days on the market, which is four days less than in June 2022.
Summary
We’ve taken a look at Lee County’s June 2023 Residential Report, and it has us ready to make a move! Contact Ryan Roberts if you are feeling motivated too! Keep reading our blogs for more industry news and trends.
