These top highlights from Lee County’s August 2022 Residential Report have us reflecting on those final days of summer. Of course, we’re talking homes for sale, sales prices and days on the market!
Average sold prices remain high.
Opelika homes experienced the biggest year-over-year jump when it comes to average sold prices in August. Last year, the average sold price was $282,362. This August, the average sold price increased to $345,147. That’s a $62,785 difference!
Lee County also enjoyed a 14.7 percent increase in average sold prices while Auburn saw an 11.1 percent increase.
Inventory is up year-over-year in most areas.
Here’s one of the highlights from Lee County’s August 2022 Residential Report that buyers can get behind! The playing field may be leveling out little by little with more listings available in the area overall.
Lee County as a whole, for example, has 39 more listings this year than it did this time last year. Opelika also experienced a bump up from 111 listings in August 2021 to 142 this August.
Auburn is the exception with an 8.2 percent drop in home inventory year-over-year. Condos in Auburn are another story, however, with an 18.5 percent increase in inventory from August 2021 to 2022.
Homes are spending more time on the market.
Overall, homes are spending more time on the market. Lee County homes spent an average of nine more days on the market while Auburn homes were listed about four more days on average this August versus last.
Opelika homes, on the other hand, spent 23 more days on the market—a whopping 127.8 percent increase from the previous year!
Auburn condos continue to sell quickly.
Looking back to August 2021, Auburn condos spent an average of 53 days on the market. Fast-forward to August 2022 and that figure is 19. That’s a 34-day difference!
Median sold prices are also up year-over-year.
The “middle” value of homes sold this August compared to last year is higher across the board. In fact, Opelika enjoyed the largest boost with a 25.5 percent increase.
Lee County saw a 7.9 percent increase in median sold prices with a jump from $315,000 in August 2021 to $340,000 this August.
Auburn follows close behind with an 8 percent increase, which means the median sold price was $27,500 more this August compared to last.
Do these highlights from Lee County’s August 2022 Residential Report have you ready to refresh your buying and selling search? Either way, Ryan Roberts is ready to help! Contact him now to get started, and keep reading our blogs for more local industry news!