October is the scariest month of the year—except for local real estate! Some of the main points from Lee County’s October 2020 Residential Report from the Alabama Center for Real Estate skew a different way. See just what we mean by reading through these helpful highlights!
Lee County Is Upping Residential Sales
Sellers will be happy to see that Lee County continues to see more and more residential sales. The numbers say that 43 more residential sales were made in October 2020, compared to October 2019. The grand total? 182 sales!
Appreciating Median Sales Prices
We appreciate improved median sales prices—that’s true! But this heading also means that median sales prices continue to trend upwards in Lee County. Throughout the past year alone, they’ve risen by 8 percent.
The Median Sales Price for Lee County Homes Is…
Wondering just what the median sales price for Lee County homes is? Answer: $281,000. Last year, in October 2019, it was $260,069.
Average Sales Prices Have Grown Since 2020
If you own a home in Lee County, it’s worth more than it was last October. In fact, the average growth was a whopping 7.5 percent. Not bad at all!
Average Sales Prices Enjoy Five Years of Growth
Lee County’s October 2020 Residential Report also says that the average home sales price has continued to rise over the past five years. That trend is reassuring, because it shows a continued growth in value. From October 2015 to October 2020, average prices rose from $242,300 to $284,569.
Home Sellers, Rejoice
The market is strong for sellers! With a 12.3 percent drop in homes on the market, sellers can leverage the value of their property. And buyers—there’s good news for you too! As we’ve talked about earlier, sales prices are growing, so the homes you buy are likely to appreciate in value. That means you can possibly make quite a profit in the future.
If you like what Lee County’s October 2020 Residential Report is showing, Ryan Roberts can help you join the successful ranks of another ACRE report. Fill out his form here to get started on buying, selling, or both in the Auburn, Opelika, and Lake Martin area. As for reading through other reports—or learning more about the interesting world of real estate—you can visit his blog.