Lee County home sales average 47 days on market in May

Sales: According to the Lee County Association of Realtors, May residential sales in the Auburn-Opelika area decreased 7.1% year-over-year from 255 to 237 closed transactions. Sales increased 59.1% from April. Sales are now down 24.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.  

For all of the Lee County area’s housing data, click here.

Inventory: May Listings (524) increased 8.9% from April and increased 30.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.2 months, down from 3.2 months in April and up from 1.6 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.

Pricing: The area’s median sales price in May was $354,105, an increase of 2.9% from one year ago and an increase of 9.0% from April. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in May averaged 47 days on the market (DOM), 9 days slower than May 2022. 

Forecast: May sales were 7 units, or 3.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 230 sales for the month, while actual sales were 237 units. ACRE forecast a total of 851 sales in the area year-to-date, while there were 818 actual sales through May, a difference of 3.9%.   

New Construction: The 67 new homes sold represent 28.3% of all residential sales in the area in May. Total sales decreased 29.5% year-over-year. The median sales price in May was $379,900, an increase of 2.0% from April and a decrease of 0.7% from one year ago. 

Click here to view the entire monthly report.

The Lee County Residential Monthly Report is developed in conjunction with the Lee County Association of Realtors to better serve area consumers.