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Takeaways from Lee County’s Q1 Residential Report

Posted by Hanna Selman on June 15, 2020
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Takeaways from Lee County’s Q1 Residential Report

It’s natural to want to know what the real estate market is looking like, especially in our own community. The market will changes and grows with time, bringing with it new homes and opportunities. If you’re thinking of buying or selling, these takeaways from Lee County’s Q1 Residential Report from the Alabama Center for Real Estate (ACRE) can help keep you informed.

A Rising Number of Houses on the Market

Buyers love having more choices, especially when it comes to real estate. There are currently more houses on the market right now than there were at this time last year. The inventory has grown by 10.2 percent, adding a total of 61 more houses to choose from when compared to 2019’s numbers.

An Uptick in Median Sales Prices

Growing sales prices can mean that local homes are appreciating in value, making your house a solid investment. An uptick in median sales prices in this report offers some great news! These sale prices have risen by 6.9 percent in the past year, 11.7 percent in the past three years, and 18.9 percent in the past five years.

The Exact Median Sales Price

Wondering what the exact median sales price for a Lee County home is? The answer: $256,164, up from $239,685 at this time last year.

Growing Residential Sales

Another one of the takeaways from Lee County’s Q1 Residential Report is all about increasing residential sales. Compared to the relevant 2019 quarter, the sales have gone up by 8.7 percent. Plus, the quarterly average has grown by 17.2 percent in the past five years.

Upward Growth in Average Sales Price

You’ll be happy to know that the average sales price is also growing. It has risen by 2.9 percent in the previous year, 8.6 percent in the previous three years, and 15.1 percent in the previous three years.

The Exact Average Sales Price

You’re probably wondering what the exact average sales price is for Q1 2020. It’s $275,008, which shows appreciation in comparison to last year’s Q1 average of $267,291.

Average Days on the Market

The real estate market has had to carefully adapt and adjust over the past few months. That means people may be curious about the average number of days a home may spend on the market. The statistics are promising! They’ve fallen by 9.9 percent in the past year. The data shows a home will now, on average, remain listed on the market for 73 days. However, we’ve seen listings around here sell much quicker than that average as of late!

Summary

One of the final takeaways from Lee County’s Q1 Residential Report is that the real estate market shows strength. If you’re considering buying, selling, or both, you have a helpful, knowledgeable Realtor on your side: Ryan Roberts. Fill out his contact form here to get started. Want to learn more about real estate reports, local news, and useful tips? Read our blog!