It’s officially summer, but we are taking a quick look back with these four takeaways from Lee County’s May 2024 Residential Report to summarize how the local real estate spring season went.
Average sold prices decreased across the board.
For the first time in a while, buyers saw a slight decrease in the average sold prices of homes in Lee County, Auburn and Opelika in May 2024 compared to May 2023. More specifically, the most noticeable decline was a 6.6% change in Opelika. As far as numbers go, that translates to $24,539 less year-over-year.
For Auburn, the average sold prices went from $479,745 in May 2023 to $471,648 last month, a 1.7% decrease. And in Lee County, the average sold price went down by $4,870 or 1.2%.
Inventory increased in Lee County and Auburn.
For the most part, the area experienced an inventory boost year-over-year. Lee County, for instance, had 71 more homes hit the market in May 2024, which showed a 14.6% increase. In Auburn, inventory grew by 30.5%, from 262 homes listed in May 2023 to 342 homes listed in May 2024.
Opelika experienced a slight decrease in inventory year-over-year.
Here’s another one of the key takeaways from Lee County’s May 2024 Residential Report: The total number of homes listed this May in Opelika was less than the previous year. In May 2023, 177 homes were listed, whereas in May 2024, 166 homes went up for sale, a 6.2% decrease.
Homes spent more time on the market.
Lee County, Auburn and Opelika potential home buyers rejoiced! More time to browse the local inventory is always good for finding the home that checks all your must-haves and then some! Overall, homes spent about 15 to 17 days more on the market in all areas.
Summary
Is the Lee County real estate market heating up? If these takeaways from Lee County’s May 2024 Residential Report are any indication, yes! With a fairly balanced market between buyers and sellers in our community, explore your options this summer. Start getting your list of questions ready to ask Ryan Roberts, your local Realtor! Explore our blogs for more local knowledge, from spotlights to industry news.