September 2024 ended on a high note, leading to a strong third quarter finish with a year-over-year quarterly increase on everything from inventory to total sales to average sales prices. Now it’s time to review highlights from Lee County’s October 2024 Residential Report to see how the fourth quarter started.
Increases experienced across the board in Lee County.
Based on the data, October 2024 jumped ahead of October 2023. Inventory, for instance, grew by 6.6% year-over-year in Lee County, meaning 38 more listings hit the market.
What’s more, the number of properties sold increased by 13.2% or 21 more homes. Average sales prices also increased year-over-year, going from $385,662 in October 2023 to $400,434 in October 2024.
And in October 2024, homes spent an additional week on the market compared to October 2023.
Auburn’s average sales price continued a downward trend.
Here’s a highlight from Lee County’s October 2024 Residential Report that you may remember from September’s recap. Like the previous month, the average sales price for residential properties in Auburn decreased year-over-year.
The average decreased by 4.1%, from $460,936 in October 2023 to $442,261 in October 2024.
However, Auburn’s average sales price increased month-to-month. To clarify, the average sales price in September 2024 was $427,642. Compared to October’s average, that is a 3.4% increase, equal to $14,619 more.
Inventory and properties sold jumped in Auburn.
Are you considering real estate in Auburn? Broaden your home search with a year-over-year inventory increase in Auburn. In October 2024, 354 properties were listed while 300 were listed in October 2023.
When it comes to the properties sold, there was a 24.1% boost with 19 additional properties closing last month—jumping from 79 to 98!
Opelika saw a decrease in inventory.
Opelika, however, saw a slight decrease in October’s year-over-year inventory. October 2023 had 226 listings while October 2024 had 184 listings, a 18.6% change.
The average sales price in Opelika increased.
Year-over-year, the average sales price for properties in Opelika increased by 13.8%, translating to $42,687 more! In October 2024, homes sold for an average of $351,540, and in October 2023, that figure was $308,853.
But how does that compare to September 2024? Month-to-month demonstrates a slight 1% increase in average sales prices in Opelika—or $3,417—as well.
Auburn condos saw big changes year-over-year.
Unique to our local market last month, Auburn condos spent 10 fewer days on the market compared to the previous year. Auburn and Opelika homes, on the other hand, each spent seven to eight more days on the market in October 2024 versus October 2023.
But what stands out more is the 100% increase in inventory in a year! In October 2023, 18 condos were listed. In October 2024, 36 condos were listed—doubling the selection for potential buyers. Another noticeable increase was the 35% gain in the average sales price, going from $250,669 in 2023 to $338,788.
Summary
To summarize, Lee County’s October 2024 Residential Report kicked off the fourth quarter with a win overall, showing signs of a thriving market and communities. Do you have questions about the statistics? Are you ready to make a bold move before the end of the year? Contact Ryan Roberts. Keep reading our blogs for more real estate news and local knowledge.
