Summertime can bring many ups and downs, including the numbers when you dive deeper into the local housing market. Let’s look at Lee County’s June 2024 Residential Report to see how the season has fared.
Inventory has risen in most areas.
The number of houses listed for sale in Auburn and Lee County increased in June 2024. More so, Lee County increased by 9.7%, or 53 homes, this June compared to June 2023.
Auburn experienced an impressive 18.6% jump in inventory, from 307 homes listed in June 2023 to 364 homes last month.
As for Opelika, the total number of homes listed in June 2024 stalled. Comparing last month to June 2023, we saw a small 0.5% decrease, which equals one house less.
Homes are overall spending less time on the market.
There was a decrease in days spent on the market across most areas. Overall, homes in Lee County spent an average of 49 days on the market in June 2024 instead of the 53 days spent on the market in June 2023. That’s a 7.5% decrease and a four-day difference!
The biggest difference was in Auburn. In June 2024, Auburn properties spent an average of 49 days on the market. Whereas in June 2023, that number was 65 days. This equates to Auburn homes spending 16 days fewer on the market.
On the other hand, Opelika homes spent an average of 44 days on the market in June 2024, compared to 41 days in June 2023. That’s a three-day increase.
Average sales prices are up.
Good news for sellers! Although inventory has risen, combining that with the speed at which homes sell, average sales prices have increased slightly. Buyers want to secure the home they want quickly!
A closer look at Lee County’s June 2024 Residential Report lets us know that in Lee County, there was a 6.2% increase in the average sales price—that’s an increase of $26,761!
Breaking down those numbers, Auburn saw a $14,215 increase and Opelika saw a $43,478 increase in June 2024 compared to last June.
Auburn condos have seen a jump in inventory.
Moving on to condos, now is the time to buy! Why? Because inventory was up by 130% and the average sale price was down 3.1%.
With inventory up and the average sale prices down, there are plenty of options available to secure at a great price.
Summary
After this summary of the June 2024 Residential Report, are you ready to lock in your next home in Lee County? Contact Ryan Roberts, your local real estate expert and trusted neighbor!
Plus, continue reading our blogs for more industry news and local updates.
