Just as we saw changes in the weather and leaves on the trees over the past month, the housing market saw a number of significant shifts. Let’s take a look at Lee County’s September 2023 Residential Report to see how the numbers have changed year-over-year.
The number of homes listed has increased.
In September 2023, the total number of homes listed increased in both Auburn and Opelika, as well as Lee County as a whole.
Let’s break down the numbers! Rising from 235 homes in September 2022 to 292 in September 2023, Auburn saw a 24.3% increase, while Opelika saw a 37.2% increase, rising from 156 homes listed in 2022 to 214 homes listed in 2023. Overall, Lee County’s housing inventory rose from 474 homes listed to 548 homes listed—a 15.6% increase!
The average sold price has decreased.
Comparing Lee County’s September 2023 Residential Report to the numbers a year ago, we can see that the average sold price has gone down across the board in all areas. This is the first time in some months we’ve seen the year-over-year comparison involve a decrease when it comes to average sold price.
Average sold prices in Auburn decreased from $458,108 in September 2022 to $431,748 in September 2023—a 5.8% decrease. Opelika average sold prices decreased from $369,963 in September 2022 to $352,675 in September 2023—a 4.7% decrease.
Accordingly, average sold prices in Lee County dropped from $399,144 in September 2022 to $382,512 in September 2023—a 4.2% drop.
Homes are still spending more time on the market.
Looking at the current housing market, we are seeing that homes are spending more time on the market. Overall, Lee County homes experienced a total of 8 more days on the market year-over-year—a 19% increase.
In September 2022, Auburn homes spent an average of 56 days on the market, whereas in September 2023, they spent an average of 65 days on the market—a nine-day increase. Opelika homes in September 2023 spent on average 34 days on the market—a 13.3% increase compared to the 30 days they spent on the market in September 2022.
The number of properties sold has increased.
The number of properties sold has increased in all areas of our local housing market. This is the first time in a while we have seen a year-over-year increase in properties sold across all areas.
For Lee County properties sold in September 2022 compared to those sold in September 2023, we see a 6.9% increase—rising from 144 properties to 154. Correspondingly, Auburn properties saw a 1.5% increase, while Opelika saw the largest increase at +12.3%.
Auburn condo sales are down
The number of condos listed and sold has gone down year-over-year. In addition, the average number of days spent on the market has increased by two days.
But don’t get down, sellers! With a more competitive market, the average sold price of condos in Auburn has risen by $51,935—an 18.6% increase!
Summary
Lee County’s July 2023 Residential Report has shown many key changes in our local housing market.
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