Our local real estate market has shown remarkable trends that are worth examining. This recap from Lee County’s Year-End 2024 Residential Report provides insightful highlights on year-over-year inventory changes, the average days on the market, average sales prices, median sales prices and more.
New listings fluctuated within our area, mostly increasing.
In 2024, there were fewer new listings in Opelika than in Auburn and Lee County. More precisely, with a 19.2% rise in new listings, Auburn saw the most shift from year to year. There were 1,506 new listings in 2024 versus 1,263 in 2023—a difference of 243 homes!
Not far behind, Lee County saw a 9.1% increase, or 231 more listings in a year, from 2,520 in 2023 to 2,756 in 2024.
However, Opelika had a minor decline in new listings during the previous year. There were 881 new listings in the city in 2024, compared to 957 the year before.
Average days on the market had ups and downs.
While Auburn had a decline in average days on the market overall in 2024, Lee County and Opelika listings saw an increase.
Lee County homes spent an average of 60 days in 2024 and 58 days in 2023, a 3.4% difference. Opelika listings were listed for 66 days last year, a 24.5% rise compared to the 53 days in 2023.
On the other hand, Auburn’s average days on the market decreased by 7.8% to 59 days in 2024, five fewer days than the 64 days in 2023. Despite slight fluctuations, Lee County’s Year-End 2024 Residential Report shows that the market favored sellers.
Average sales prices showed slight market shifts.
Lee County and Opelika’s average sales prices ended on a high note. Lee County, for example, experienced a 3.0% increase in the average sales price for residential properties in 2024. To clarify, Lee County’s average sales price increased by $12,246, jumping from $405,365 in 2023 to $417,611 in 2024.
What’s more, Opelika’s average sales prices rose 6%, or $20,453, increasing from $341,308 in 2023 to $361,761 in 2024.
Looking more closely at Auburn, average sales prices for homes decreased year-over-year by 1.5%, equaling a $7,023 difference from the previous year. The average sales price in Auburn was $471,893 in 2024, down from $478,916 in 2023.
Median sales prices increased year over year.
The median sales price is another good way to get a feel for the market. Remember, the median sales price is the market price midway between all the houses sold during a set period. In this case, the median sales price represents a year, and it would be the sales price dead center of the 2,056 properties sold in Lee County last year.
Thus, the median sales price in Lee County for 2024 was $374,995, up 2.73% from 2023’s $365,000. Not surprisingly, considering the average sales price statistic, Auburn’s median sales price decreased by a small margin at 1.49%. More specifically, it was $6,230 less year-over-year, dropping from $417,262 in 2023 to $411,032 in 2024.
Summary
Whether you’re a buyer, seller or investor, understanding Lee County’s Year-End 2024 Residential Report and the indicated trends can help you navigate the ever-evolving real estate landscape. Indicators in our area show a healthy market with a slim advantage toward sellers based on recent inventory-to-sales ratios, average sales prices and days on the market.
Do you have questions about what these trends could mean for you as a home buyer or seller? Contact Ryan Roberts to discuss the current market in depth and learn more about local real estate opportunities. Learn more about our community in general by reading our blogs.
