The Dog Days of Summer are behind us as we settle into fall. But before we say goodbye to summer’s hot streak, let’s take a look at four key points from Lee County’s August 2023 Residential Report to see how year-over-year real estate trends fared.
There are more homes on the market.
This is one of the key points from Lee County’s August 2023 Residential Report that shouldn’t come as a surprise. For the past several months, the year-over-year trend has been an increase in inventory.
August is no different in our area. Overall, Lee County experienced a 24.8 percent increase, going from 427 total homes listed in August 2022 to 533 in August 2023. In Auburn, there were a total of 64 more homes listed this August compared to last August. This resulted in a 29.7 percent increase in inventory.
Opelika, however, saw the biggest jump with a 43.0 percent increase, with just 142 homes listed in August 2022 and 203 listed last month.
Buyers have more time to shop around.
Actually, this is true for Lee County and Auburn, but not for Opelika, which experienced no change in how many days homes were on the market year-over-year. To clarify, homes in Opelika spent an average of 40 days on the market in August 2022 and 40 days in August 2023.
For Lee County, there was about a five-day difference, with the average for August 2022 being 38 and 43 days in August 2023. Double the difference for Auburn’s averages, with listings spending 37 days on the market in August 2022 and 47 days in August 2023.
Average sold prices are up.
The average sold price for homes in our area continues to rise each month, year over year. For example, the average sold price for homes in Auburn increased by 16.4 percent. In August 2022, the average sold price was $425,634. In August 2023, that figure jumped by $69,600 to $495,234.
Lee County and Opelika’s average sold prices both increased in the last year.
Median sold prices were up and down in our area.
Interestingly enough, the median sold prices increased within a year for both Lee County and Auburn while decreasing in Opelika. More specifically, Lee County’s median sold price went from $340,000 in August 2022 to $360,000 in August 2023.
The median sold price in August 2022 in Auburn was $370,000, and it was $403,750 last month, which is a 9.1 percent increase. Opelika, on the other hand, went down by 9.8 percent, or $31,342.
Summary
If these key points from Lee County’s August 2023 Residential Report have you wondering if it’s a good time to make a move in East Alabama, call Ryan Roberts at (334) 750-9872 to talk about it. For more local news, events and property showcases, keep reading our blogs.
