It’s been yet another successful year in real estate! Let’s take a look at four highlights from Lee County’s December 2023 Residential Report to see how the year ended compared to December 2022.
The number of homes listed has increased.
In December 2023, the total number of homes listed increased in Auburn, Opelika and Lee County as a whole.
Let’s break those numbers down! Rising from 213 homes in December 2022 to 293 in December 2023, Auburn saw a 37.6% increase, while Opelika saw a 19% increase, rising from 179 homes listed in 2022 to 213 homes listed in 2023. Overall, Lee County’s housing inventory jumped from 456 homes listed to 562 homes listed—a 23.2% increase!
The majority of average sales prices increased.
Comparing Lee County’s December 2023 Residential Report to the numbers a year ago, we can see that the average sales price has risen in the majority of areas.
Average sales prices in Auburn increased from $467,880 in December 2022 to $485,488 in December 2023—a 3.8% increase. And as a whole, Lee County’s average sales prices increased from $403,057 in December 2022 to $426,574 in December 2023—a 5.8% increase.
Unlike the majority, Opelika saw a slight decrease in the average sales price. Decreasing from $376,034 in December 2022 to $371,422 in December 2023, Opelika experienced a 1.2% drop.
Homes are spending more time on the market.
Looking at the current housing market, we are seeing that homes are spending more time on the market year-over-year. Overall, Lee County homes spent a total of nine more days on the market in December 2023 compared to December 2022—a 16.4% increase.
In December 2023, homes in Auburn spent an average of 56 days on the market—a 7.7% increase compared to the 52 days they spent on the market in December 2022. Opelika homes in December 2022 spent an average of 65 days on the market, whereas in December 2023, they spent an average of 77 days on the market—a 12-day increase.
Auburn condo listings are up.
When looking at the highlights from Lee County’s December 2023 Residential Report, we must not forget Auburn condo sales.
Rounding out the end of the year, the number of condos listed in Auburn has increased from 11 in December 2022 to 21 in December 2023. In addition, the average number of days on the market has decreased from 112 days in 2022 to 28 days in 2023—a whopping 75% decrease!
Summary
With these highlights from Lee County’s December 2023 Residential Report as a guide, are you ready to buy or sell your home in East Alabama? Contact Ryan Roberts for all your real estate needs!
And finally, continue reading our blogs for more real estate updates.
