Are you ready to see if 2024 took off with a bang as far as local real estate trends go? Let’s take a look at Lee County’s January 2024 Residential Report to see how the market fared at the beginning of the year compared to the same time last year.
Inventory increased.
The total number of homes listed in Lee County, Auburn and Opelika all increased in January 2024. More specifically, Lee County increased by 24.8%, or rather, 106 more properties listed this January versus January 2023.
Auburn saw a 48.5% jump in inventory, going from 204 total properties listed in January 2023 to 303 last month. Opelika had the smallest increase with a 6.4% change, which equaled 11 more properties in 2024.
The number of properties sold had ups and downs.
Opelika had the biggest increase at 44.8%, meaning 13 more properties were sold in January 2024 than in January 2023. Lee County also saw a little boost, with 98 properties selling last month compared to 97 properties in 2023.
Auburn, on the other hand, was down by 22.2%, or 12 properties less, in January 2024 than in the previous year.
Days on the market decreased year-over-year for Lee County and Auburn.
On average, homes in Lee County spent 64 days on the market in January 2024 instead of 74 days in January 2023. That’s a 10-day difference and a 13.5% decrease.
Auburn experienced the most notable difference. In January 2024, properties listed in Auburn spent an average of 59 days on the market. Whereas, in January 2023, that figure was 95 days. So, Auburn listings spent 36 fewer days on the market last month!
Average sold prices decreased in most areas.
As we continue to take a look at Lee County’s January 2024 Residential Report, here’s some news potential home buyers in the area have been waiting for! According to January 2024 statistics, the average sold price for homes in Lee County, Auburn and Opelika decreased.
For example, the average sold price for a home in Auburn in January 2024 was $435,616 compared to $483,144 in January 2023. To clarify, that’s a 9.8% decrease, or a $47,528 difference.
Auburn condos experienced a jump in average sold prices and inventory.
And then there are Auburn condos, continuing to march to their own beat. As far as the average sold price for Auburn condos went, January 2024 saw a 43.6% increase. The average sold price in January 2024 was $376,986 versus $262,600 in January 2023. That’s a $114,386 raise.
Inventory for Auburn condos also increased, going from 17 condos listed in January 2023 to 27 listed last month.
Summary
Now that we’ve taken a look at Lee County’s January 2024 Residential Report, are you getting excited for the future? Contact Ryan Roberts if you are ready to make a move, whether it’s buying, selling or both. For more industry news and trends, continue reading our blogs.