October treats just keep coming! This time it’s in the form of four takeaways from Lee County’s October 2023 Residential Report. Are you ready to find out what changed year-over-year?
Inventory, inventory, inventory!
While this may not come as a surprise month-to-month at the moment, looking back to October 2022, inventory is up in Lee County, including Auburn and Opelika.
As a matter of fact, Auburn experienced the largest year-over-year inventory increase at 31.0 percent, which equaled 71 more homes. However, while Lee County did see 91 more homes listed in October 2023 versus October 2022, the percentage change was only 18.8 percent.
In all, Lee County had 485 homes listed last October and 576 listed this October.
Homes spent more time on the market.
Again, this is another one of the takeaways from Lee County’s October 2023 Residential Report that shouldn’t come as a surprise month-to-month. But year-over-year, buyers in Lee County have more time to shop for a property that meets their criteria.
For example, in October 2022, homes in Lee County spent an average of 35 days on the market. In October 2023, that figure went up by 12 days to a total of 47 days on the market.
Homes in Auburn spent an average of 53 days on the market in October 2023, 17 more days than last year. And Opelika homes were on the market for about 41 days last month, which was a 28.1 percent increase.
Average sold prices were up and down.
To clarify, the average sold prices in our area were mostly up. Auburn and Opelika both saw a slight increase. Auburn’s average sold price for a home went up by $3,721, which is a 0.8 percent increase. Opelika’s average sold price increased by 0.4 percent, which equaled a $1,172 difference year-over-year.
On the other hand, Lee County’s average sold price for homes decreased by 2.0 percent. More specifically, homes in Lee County sold for $390,999 in October 2022. In October 2023, homes sold for an average of $382,990, which is $8,009 less.
Auburn condos are spending less time on the market year-over-year.
You have to love the odd ball when it comes to area trends. Meet Auburn condos. Looking back to October 2022, Auburn condos spent an average of 59 days on the market. This October, that figure dropped by 21 days to just 38!
Summary
Along with these interesting takeaways from Lee County’s October 2023 Residential Report, there are other real estate statistics and opportunities to discuss. Contact Ryan Roberts for a more in-depth look at the state of our local market and to find out what that could mean for you. For more industry insight, keep reading our blogs.
