As we enter the last month of summer and its back-to-school season, we are beginning to see plenty of changes—including within our local housing market! Let’s see how our local real estate is doing with this overview of Lee County’s July 2024 Residential Report.
Inventory has increased.
One key point from Lee County’s July 2024 Residential Report, which is no surprise, is inventory has risen. We saw this coming from the rise in inventory that also took place in June 2024.
Overall, Lee County experienced a 16.4% increase from 537 homes listed in July 2023 to 625 in July 2024. In Auburn, there were a total of 58 more homes listed this July compared to last year. This resulted in a 19.6% inventory increase.
Opelika also saw a rise in home inventory, with a 4.8% increase. More specifically, there were 186 Opelika homes listed in July 2023, compared to the 195 listed in July 2024.
Average sales prices were up in many areas.
The average sales prices rose in many areas year-over-year, including Lee County overall and Opelika.
For example, the average sales price for homes in Lee County rose from $415,617 to $426,635—a 2.7% increase. And in Opelika, we saw a 4.5% increase, with the average sales price rising from $357,018 in July 2023 to $373,087 in July 2024.
On the other hand, those looking to move into Auburn saw a decrease in average sales prices! Decreasing from $489,245 in July 2023 to $475,107 in July 2024, Auburn saw a 2.9% decline.
Homes are spending more time on the market.
Get excited, buyers! According to the statistics, homes spent more time on the market in July 2024 than last year. So you have more time to shop around!
Breaking this down, homes for sale in July 2024 in Lee County spent 13 more days on the market, whereas Auburn homes spent three more days and Opelika homes spent 32 more.
Total residential sales have risen.
Not to worry, REALTORS! Residential sales totals continue to climb. Lee County sold 44 more properties in July 2024 compared to July 2023—a 27% increase! Opelika also saw a slight increase, with 4.2% more properties selling year-over-year.
Auburn saw the biggest increase, with property sales rising from 73 in July 2023 to 109 in July 2024—a 49.3% rise!
Condo numbers are all positive.
Comparing the July 2024 Auburn condo numbers to those of July 2023, we saw increases across the board with the number of condos listed, the number of condos sold and the average sold price! Another positive is condos were on the market for fewer days!
Summary
Does this overview of Lee County’s July 2024 Residential Report have you ready to move to town? Contact Ryan Roberts, your local East Alabama real estate expert!
Finally, continue reading our blogs for more local news, events and real estate updates.
