Tag Archive for: realestate

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.

 

Winston-Salem & North Carolina Score in New Rankings

An arial view of downtown Winston-Salem features many tall buildings, highways, and parking lots.

Both the city of Winston-Salem and the state of North Carolina received high marks in new studies ranking the best places to live and top areas for business. 

U.S. News Highlights Winston-Salem among “Best Places to Live”

Winston-Salem scored well in the latest “U.S. News & World Report’s Best Places to Live in the U.S.” annual study based on quality of life and the job market in 150 metro areas. Winston-Salem ranked 56th in “Best Places to Live” and 57th in “Best Places to Retire.”

The study described the city “on an upward trajectory that still maintains its Southern roots. Although the city is traditionally Southern in its friendliness, it has an international feel.” Also noted was slow and steady growth that “has preserved the region’s small-town feel while allowing for improvements, such as repurposing old textile and tobacco factories into loft apartments. Due to heavy interest in residential and corporate development, the region has become a fertile land for entrepreneurs and small businesses.”

Another appealing feature of Winston-Salem noted in the report was as a place that delivers a lot of bang for the buck, with cost of living below the national average. This should be particularly appealing to retirees and contributed to the city’s ranking in the “Best Places to Retire” category.

CNBC Ranks North Carolina Country’s Top State for Business

Powered by an economy that has hit its stride and turbocharged by a long track record of innovation, North Carolina is “America’s Top State for Business” in 2022, according to CNBC’s annual state competitiveness rankings. While the state has consistently appeared within the top ten since 2007, this is the first time North Carolina has gained the top position.

According to the study, one key reason for North Carolina’s top rating is the demonstrated willingness for state leaders to put aside partisan differences to boost the economy, and create a positive climate that is attractive to business development and success. Among notable recent victories, Vietnamese electric vehicle manufacturer VinFast signed a deal to build a $2 billion factory in the state, while Apple announced it would build its first East Coast hub in the state’s Research Triangle region.

“I’ve had both Republican and Democratic leaders of both the House and the Senate on each side of me as we make a presentation to the company that this is where you need to be, you’re gonna get predictability, reliability, consistency,” said Governor Roy Cooper, a Democrat. “Businesses look for that and they also look at what happens after the deal is done. Does state government, local government continue to work with them and try to help them succeed. Some of our best recruiters are CEOs who are already here.”

The CNBC study also noted the state’s credit rating is pristine, and its fiscal balance is sound. Economic growth, at 6.7% last year, and job growth at 3.6% were among the strongest in the nation, according to government statistics. Access to capital and the proven ability to attract venture capital also contribute to the state’s viability. And North Carolina also scored well in its workforce base, which has become a key factor for companies.

“Talking to CEO after CEO, workforce is the driving force for them right now,” Cooper told CNBC. “They see North Carolina as place where they can rely on our community colleges, our greatest array of public and private universities in the country to make sure they have the workforce they need.”

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®.