It’s the perfect time to take a break and recap our local real estate market. Let’s review four takeaways from Lee County’s February 2024 Residential Report.
The average sales price increased year-over-year.
This is one of the takeaways from Lee County’s February 2024 Residential Report that holds across the board.
However, Opelika experienced the most noticeable increase in February 2024, compared to February 2023. More specifically, the average sold price for a home in Opelika increased by 18.7%, which equaled about $60,654 more.
Auburn, on the other hand, had the smallest jump at 1.8%, translating to about $9,274 on average.
Inventory rose significantly.
Compared to February 2023, February 2024 experienced an inventory boost in Lee County, Auburn and Opelika. For example, in February 2023, the total number of homes listed in Lee County was 427. This February, that figure increased by 29.7% to a total of 554 homes.
Homes are spending less time on the market.
Overall, homes spent less time on the market in February 2024 versus February 2023. In Auburn, homes spent about 76 days on the market last month. That’s a 33.3% decrease from 114 days in 2023.
Homes in Opelika spent an average of 63 days on the market in February 2024, compared to 77 days last February—a 14-day difference.
More properties were sold in Opelika year-over-year.
Finally, four more total properties were sold in Opelika in February 2024 than in February 2023. To clarify, 179 properties were sold last month, whereas in February 2023, 164 total properties were sold in Opelika.
Summary
If these key takeaways from Lee County’s February 2024 Residential Report have you itching to make a move this spring, the first one you should make is connecting with Ryan Roberts. Let his years of experience and local knowledge lead you to the home of your dreams! For more local real estate news, spotlights and events, keep reading our blogs.
