From days on the market to average sold prices, are you wondering what changed in local real estate? Check out the latest statistics from Lee County’s August 2024 Residential Report with these four takeaways.
Homes spent more time on the market year-over-year.
In August 2023, homes spent an average of 45 days on the market in Lee County. Fast-forward to August 2024 and homes in Lee County spent 54 days on the market, a 20.0% increase. In Auburn, properties were on the market four more days this August versus last year. But the largest increase was in Opelika.
Homes in Opelika spent 40 days on the market in August 2023 and 61 days in August 2024. That’s a 52.5% jump and 21 more days for buyers and sellers to contract.
The number of properties listed rose.
Overall, inventory increased in Lee County, Auburn and Opelika last month. More specifically, the Auburn market saw the largest increase with 365 listed properties in August 2024 versus 291 listed in August 2023.
Breaking it down, there were 74 more homes on the market in Auburn last month compared to August 2023, a 25.4% increase year-over-year.
Average sold prices decreased in Lee County and Auburn.
Here’s a takeaway from Lee County’s August 2024 Resident Report that has buyers smiling at the closing table. The average sold prices for homes in Lee County and Auburn decreased slightly in August 2024 compared to the same time in 2023.
Lee County homes sold for an average of $420,732 in August 2023. Whereas in August 2024, that figure was $411,179, a 2.3% decrease. In Auburn, the average sold price went from $495,457 in August 2023 to $460,990 in August 2024. That’s almost $35,000 less year-over-year!
Opelika properties and Auburn condos’ average sold prices increased.
On the other hand, properties in Opelika and condos in Auburn experienced a price jump in August. Opelika homes sold for an average of $347,410 in August 2023 and $360,167 in August 2024, a $12,757 increase.
Auburn condos’ average sold price jumped by 9.8%, or $26,985 more in just a year, increasing from $275,126 to $302,111.
Summary
If these takeaways from Lee County’s August 2024 Residential Report have inspired you to act, contact Ryan Roberts to ask questions and explore real estate opportunities in our community. For more real estate statistics and insight, keep reading our blogs.
