According to the Lee County Association of Realtors, July residential sales in the Auburn-Opelika area increased 34.9% year-over-year from 175 to 236 closed transactions. Sales increased 5.8% from June. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: July Listings (693) increased 4.2% from June and increased 55.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, down from 3.0 months in June and up from 2.6 months in July 2023. 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 July was $376,219, an increase of 6.0% from one year ago and a decrease of 3.8% from June. 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 July averaged 53 days on the market (DOM), 7 days slower than July 2023.
Forecast: July sales were 16 units, or 7.4% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 220 sales for the month, while actual sales were 236 units. ACRE forecasted a total of 1,371 home sales year-to-date, while there were 1,316 actual sales through July, a difference of 4.0%.
New Construction: The 93 new homes sold represent 39.4% of all residential sales in the area in July. Total sales increased 93.8% year-over-year. The median sales price in July was $376,850, a decrease of 11.6% from June and a decrease of 11.6% 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.
