Typically, real estate revs up in the spring, from more listings to more purchases. Let’s take a closer look at these five key points from Lee County’s March 2024 Residential Report to see how the data compares to March 2023.
Average sold prices were up.
First, this is one of the key points from Lee County’s March 2024 Residential Report that applies to Lee County, Auburn and Opelika residential properties year-over-year. For instance, Lee County homes sold for an average price of $393,923 in March 2024. Whereas in March 2023, that figure was $368,872, which is a $25,051 difference.
Lee County and Auburn experienced a boost in inventory.
As of March 2024, 543 properties were listed in Lee County. Year-over-year, that signifies a 23.1% jump from March 2023, when 441 properties were listed in the county.
But Auburn saw the biggest boost with a 40.3% increase, which equaled 89 more listings in March 2024 than in March 2023. Last month’s total for properties listed in Auburn was 310 instead of just 221 properties like the previous year.
Opelika had a slight decrease in inventory year-over-year.
Opelika, on the other hand, saw a 4.1% decrease in the number of properties listed in March 2024 versus March 2023. Last month, a total of 165 properties were listed in Opelika. In March 2023, there were a total of 172 homes listed.
Days on the market remained about the same for most areas.
Interestingly enough, both Auburn and Opelika properties each spent a day or two more on the market in March 2024. For instance, Auburn properties spent an average of 87 days on the market in March 2023 and 89 days in March 2024.
However, in Lee County last month, the average days on the market decreased overall by 2.7%, or two days, from 75 to 73.
Auburn condos sold quickly last month.
More specifically, Auburn condos spent an average of 15 days on the market in March 2024. That’s a 53.1% decrease from March 2023, at which time Auburn condos spent an average of 32 days on the market.
Summary
Now that the key points from Lee County’s March 2024 Residential Report are out, are you ready to dig into a spring real estate adventure in our community? Connect with Ryan Roberts to find out more about our local market. And keep reading our blogs for more community news, events and spotlights.
