The summer season always welcomes an increase in activity in the real estate market. And this summer, the local market has seen a lot of changes. Let’s take a look at some market trends from Lee County’s July 2023 Residential Report compared to those from July 2022.
Inventory has risen significantly.
Overall, comparing last year to this year, Lee County’s housing inventory went from 426 in July 2022 to 537 in July 2023—a 26.1% increase!
In addition, Auburn and Opelika have also both seen a rise in homes listed. Auburn saw a 29.3% increase, from 229 homes in July 2022 to 296 in July 2023. Meanwhile, Opelika saw a 31.9% increase, going from 141 homes in July 2022 to 186 in 2023.
The average sold price continues to increase.
Taking a look at the market trends from Lee County’s July 2023 Residential Report, we see that the average sold price in all areas increased, which was also the case in last month’s report.
Average sold prices in Auburn increased from $465,199 in July 2022 to $477,745 in July 2023—a 2.7% increase. Opelika’s average sold prices increased from $293,679 in July 2022 to $356,801 in July 2023—a 21.5% increase.
Looking at the bigger picture, average sold prices in Lee County as a whole climbed from $389,354 in July 2022 to $411,946 in July 2023—a 5.8% increase.
Homes are still spending more days on the market.
Similar to June’s numbers, we do see that homes are spending more days on the market compared to this time last year. There were an overall total of nine more days in Lee County, rising from 34 days in July 2022 to 43 days in July 2023.
In July 2022, Auburn homes spent an average of 40 days on the market, whereas in July 2023, Auburn homes spent an average of 42 days on the market—a two-day increase. Opelika homes in July 2022 spent an average of 30 days on the market—a 33.3% increase compared to the 40 days they spent on the market in July 2023.
The number of properties sold has decreased.
The number of properties sold has decreased across the board.
Comparing Lee County properties sold in July 2022 to those sold in July 2023, we see a 32% decrease—dropping from 231 properties sold in July 2022 to 157 properties sold in July 2023.
Correspondingly, Opelika properties sold saw a 19.8% drop, whereas Auburn saw the biggest decrease in properties sold, dropping 40.8%.
The Auburn condo market has shifted.
This time last year, Auburn condos were flying off the metaphorical shelves. Last month, however, Auburn condos saw a whopping 485.7% increase in days on the market, having risen from seven days in July 2022 to 41 days in 2023. In addition, the average sold price for Auburn condos decreased in July—the first time they have shown a year-over-year decrease since January 2023.
Summary
With these market trends from Lee County’s July 2023 Residential Report, we see that the market has been changing and is continuing to change. Need help navigating the market? Contact Ryan Roberts, your local real estate expert!
And finally, continue reading our blogs for more real estate trends and industry news.
