,

W-S Real Estate Market Remains Healthy & Steady

While many real estate markets across the country continue to cool, activity in Winston-Salem remains relatively steady. Even with mortgage rate increases and lower inventory, home sales remain positive, according to Triad MLS data as of July 30.

  • The average sales price for all types of residential real estate rose to $345,925 in July, an increase of 30% compared to $265,867 in January 2023.
  • Price per square foot improved to $167 in July compared to $145 in January. Even with that healthy improvement, however, Winston-Salem remains a good value in relation to other metro areas in the state.
  • The number of homes closed in the Winston-Salem market totaled 376 in June, dropping to 267 in July. While a seasonal drop is not uncommon, it is again at least partially attributable to fewer homes on the market.
  • The percentage of listing price realized at closing has ranged from 98% to 101% thus far in 2023.
  • Days on the market again fell to just 18 at the end of July, compared to 38 days in February, which was the 2023 high to date.
Inventory remains low, making buyers more aggressive

One revealing statistic is that the current month’s home inventory stands at a very low 1.3 months. Generally, a supply of five to six months is considered a balanced market. This means active buyers have fewer choices and are more aggressive as shown by sales closing at or near the full listing price. However, the bidding that drove up prices and overheated markets in 2021-22 has cooled, lending more stability to the sales process.

Winston-Salem offers strong home values

Overall, the Winston-Salem market continues to move forward at a steady and realistic pace that should benefit both buyers and sellers. And it’s very clear this is a city that offers outstanding value to homebuyers, especially to those currently living in the state’s larger metro areas where home prices, property taxes and traffic have skyrocketed.

For additional information or answers to questions, contact us at bluebirdrealty11@gmail.com.

Image Courtesy of Visit Winston-Salem

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®.