Rise in Winston-Salem Home Prices May be Better Than Projected

A street view of several homes with city buildings in the background.

In what perhaps came as a pleasant surprise to Winston-Salem homeowners earlier this year, Realtor.com projected a 5.8% increase in the city’s average home prices for 2022.

That’s the highest percentage rise among North Carolina’s major metro areas and impressive against other U.S. metro areas.

However, it may be that the news ultimately will be even better than projected. Based on current results through July, the average sale price for a home in Winston- Salem/Forsyth County has risen 16.5% thus far in 2022 to $323,162. The average sale price in January 2022 was $285,701, indicating that the local market has remained surprisingly robust.

Several items showcase the unusual nature of the current market in light of economic issues and lingering effects of the pandemic, particularly in terms of market supply. Part of the rise in prices is due to a reduction in new property listings, which dipped 21.6% in July after a high for the year in May. Interestingly, the number of homes on the market at the end of July was 758, which contrasts with a low of 313 homes in January 2022.

 So, the number of homes for sale has risen since the beginning of the year, but the number of homes now coming on the market has dipped. It will be interesting to watch these two data points during the second half of the year.

Back on the positive side, the average number of days on the market was just 11, proof that buyers continue actively seeking opportunities. The average percentage list price at closing was 102.7% through July as reduced inventory continues to produce strong buyer reactions. And the average price per square foot of homes in Winston-Salem and Forsyth County rose 19% to $172.

Add up the numbers and it’s obvious that the Winston-Salem real estate market remains healthy to this point, and is posting impressive results in comparison to many other U.S. markets. At the same time, the local market continues to offer outstanding value that should prove attractive to buyers and offer opportunities for sellers.

For more information or questions, please contact the Bluebird team. We’re always available and happy to share data and provide anything you need to better assess our local market.

 

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by Triad MLS®.