Lee County’s housing stats for 2024

Year-End Review: A Look at Lee County’s Housing Stats for 2024

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An analysis of Lee County’s housing stats for 2024 provides insight into the year-over-year changes compared to 2023. It also lays the groundwork for understanding future real estate trends by highlighting the current state of the local market, including inventory levels and average sales prices.

More properties sold in all areas.

Overall, Lee County, Auburn and Opelika experienced a boost in total properties sold year-over-year. In Auburn, 1,050 properties were sold in 2024 versus the 895 properties in 2023. That’s a 17.3% increase! For Lee County, 180 more properties sold within a year, going from 1,876 in 2023 to 2,056 in 2024—a 9.6% change.

Opelika experienced the smallest shift—but an increase nonetheless—at 1.1%, jumping from 734 in 2023 to 742 last year.

New listings were up and down in some areas.

While Auburn and Lee County saw an increase in new listings in 2024, Opelika experienced a slight decrease. More specifically, Auburn experienced the highest year-over-year change with a 19.2% increase in new listings. In 2024, 1,506 new listings hit the market, compared to 1,263 new listings in 2023, a 243-home difference! 

Lee County wasn’t far behind with a 9.1% boost, equal to 231 more new listings in a year going from 2,520 in 2023 to 2,756 in 2024. 

Opelika, on the other hand, had a slight dip in new listings last year. In 2024, the city had 881 new listings hit the market and that figure was 957 the year before. 

Properties spent more—and less—time listed, depending. 

It’s another of Lee County’s housing stats for 2024 that depends on location. By and large, home seekers had more time to find what they were looking for with homes spending more time on the market. The average days on the market for Lee County and Opelika listings increased while Auburn decreased.

Homes in Lee County spent an average of 60 days listed in 2024 versus 58 in 2023, a 3.4% difference. Opelika listings spent 66 days on the market last year, a 24.5% increase from the 53 days in 2023. 

In this case, Auburn saw a 7.8% decline in average days on the market at 59 days in 2024, five fewer days than the 64 in 2023.

Average sales prices had highs and lows.  

Auburn home buyers benefited here and there last year as average sales prices fluctuated month-to-month, leading to a slight 1.5% decrease overall, equivalent to $7,023. To clarify, Auburn’s average sales price in 2024 was $471,893. The previous year’s figure was $478,916.

But Opelika’s average sales prices jumped by 6%, or $20,453, increasing from $341,308 in 2023 to $361,761 in 2024. 

Summary

To summarize, Lee County’s housing stats for 2024 show a healthy real estate market that shows no signs of dramatic shifts. Inventory in the area should continue to add new and existing properties. Home seekers have more time to find a property and make an offer. This could be the year to take advantage of shifting average sales prices and lowering interest rates to secure your dream home! 

Are you ready to speak to a local expert more in-depth? Find your Realtor using our Member Search. Continue reading our blogs for more real estate updates and tips. 

things for home buyers and sellers to consider in 2024

5 Things for Home Buyers and Sellers to Consider in 2024

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Does 2024 include a big move for you? From first-time buyers to seasoned investors, here’s a list of five things for home buyers and sellers to consider in 2024 to better prepare them for the real estate journey ahead.

Interest and mortgage rates.

It’s always a good idea for potential home buyers and sellers to keep an eye on interest and mortgage rates. Since October 2023, mortgage rates have begun to steadily decline from 8% to 7–6%. But rates will most likely remain volatile.

Experts suggest paying attention to the Federal Reserve’s interest rate decisions for a hint at where mortgage rates are going in 2024. 

The long-term value of owning a home. 

Homeownership is one of the most reliable and quickest ways to build wealth for a variety of reasons. First of all, it stabilizes a homeowner’s housing expenses with fixed monthly payments. Second of all, as you continue to pay off your mortgage loan, you build equity in the home.

Hence, you add value to your net worth.

Think about what you need versus what you would like. 

Whether you are a first-time home buyer or you’ve done it before, figuring out your needs versus what you want helps you narrow your search. And, from there, you can begin adding on those wants. 

Industry experts have predicted that a few of those key features for 2024 include sustainability, luxury amenities and seamless outdoor-indoor living spaces. 

Calculate your budget. 

Knowing your budget is not a new idea, but it remains one of the top things for home buyers and sellers to consider in 2024. In general, designating about 25% of your net income toward a mortgage payment is a good rule of thumb. 

It’s a good idea to work with your local Realtor or mortgage lender to help calculate your budget. 

Working with an experienced local Realtor. 

Finally, when it comes to things for home buyers and sellers to consider in 2024, working with a knowledgeable local expert is key. In terms of finding the right Realtor for you, talk to a few different Realtors. Ask them questions, read their reviews and ask about their rates and fees, for example.

If you aren’t sure where to start when it comes to finding a Realtor in Lee County, our member search offers a listing of Realtors, real estate offices, affiliates and more. 

Summary

A new year goes hand-in-hand with new possibilities and opportunities, and that includes investing in real estate. Become more familiar with our local market and the opportunities ahead by connecting with us on Facebook, Instagram and LinkedIn, where we share local statistics, insights and more. For more buying and selling tips, local news and trends, continue to read our blogs. 

exploring the MLS

Exploring the MLS

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Whether searching popular real estate websites like Zillow is a hobby or you’re truly searching for your next property, there is one local marketplace database that has all the current home listings in the area. But to gain access to it, you need a Realtor. Then exploring the MLS becomes a useful means to an end at your fingertips!

What is the MLS?

First of all, MLS stands for “multiple listing service.” To clarify, it is basically a network of local databases for designated areas across the U.S. In fact, there are more than 500 local MLS marketplace databases, serving as tools for real estate professionals to share area home listings with each other.

From there, licensed Realtors can begin exploring the MLS with their clients, narrowing down the available options based on information found in the database. An MLS listing is usually similar to other public real estate listings.

It typically includes the property’s price, address, square footage, type of property, number of bedrooms and bathrooms, utilities and other key details. The MLS listing also includes agent remarks about the property, along with photos of the interior and exterior of the property.

In addition, there is a section intended for other agents, brokers and Realtors only. Here is where they will find private information such as directions on how to get to the property, for instance.

More about the MLS

More than just a current database of listed homes in your area, the MLS ensures home buyers and sellers have access to the largest collection of available properties and genuine buyers through the active participation of Realtors.

It also promotes transparency and a competitive marketplace. According to Bright’s 2022 MLS Study, consumers benefit from the open marketplace made possible through the MLS. The study reported that homes on the MLS generally sell for about 15 percent more than those not in the database.

More specifically, non-MLS listings sold for an average of $349,773, while similar properties on MLS sold for an average of $395,244, which is a $45,471 difference!

Summary

To summarize, working with a licensed local Realtor pays off, from exploring the MLS to having a loyal advocate on your side throughout the complicated process of selling and buying a home. Are you ready to rev up your search for a home in East Alabama? Connect with one of our expert LCAR members to get started! For more real estate news and home ownership tips, keep reading our blogs.