According to the Lee County Association of Realtors, October residential sales in the Auburn-Opelika area increased 16.0% year-over-year from 169 to 196 closed transactions. Sales increased 5.4% from September. Two more resources to review: Quarterly Report and Annual Report.
For all of the Lee County area’s housing data, click here.
Inventory: October Listings (656) decreased 2.2% from September and increased 8.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, down from 3.6 months in September and down from 3.6 months in October 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 October was $361,125, an increase of 0.3% from one year ago and a decrease of 2.1% from September. 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 October averaged 56 days on the market (DOM), 10 days slower than October 2023.
Forecast: October sales were 56 units, or 39.9% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 140 sales for the month, while actual sales were 196 units. ACRE forecasted a total of 1,882 home sales year-to-date, while there were 1,909 actual sales through October, a difference of 1.4%.
New Construction: The 91 new homes sold represent 46.4% of all residential sales in the area in October. Total sales increased 30.0% year-over-year. The median sales price in October was $375,850, a decrease of 6.8% from September and an increase of 3.0% 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.
