2019 is now over and we are excited to release our 2019 Greensboro Annual Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.
As 2019 information continues to pour in, we thought we’d take a look at the trends that we’ve been seeing in the national housing market overall. The most compelling shift we have seen is in housing affordability. While home prices have increased throughout the year, the actual affordability of homes has improved due to changes in real wages and lower interest rates. Low inventory continues to stifle growth in sales volume. In every region of the U.S., we are seeing year over year increases in sales based on slight increases in supply, but the low inventory has also caused the prices of homes to increase throughout the U.S.
The Triad real estate market remains strong, with a median sales price of $175,000 (up 6.7% over the past year). We are still seeing a reduction in inventory, with only a 2.8 month supply. This is known as a seller’s market.
We continue to see strong offers across all price points, many presented as multiple offers. Sales price to list price comparison is strong at 98.9%. Homes stay on the market for an average of 41 days, with fewer days on market in the lower price ranges. Sellers can expect to average six showings before an offer.
New home starts are down from 2018 by 4.2%.
Our area continues to experience growth as corporations choose to live, work, and play in the Triad. New restaurants, coffee shops, and cultural opportunities continue to enrich our market.
- Total sales increased more than 4% year-over-year across the Triad MSA last year. Total sales were 8,653, a 4.69% increase from 2018, when there were 8,265 total sales.
- The median sales price in 2019 was $190,000, an 8.57% increase over 2018’s median sales price of $175,000.
- In the Triad MSA, average days on market dropped 12.96% to 47. The West of Friendly & Market neighborhood had the lowest average days on market within the Triad MSA at 37 days.
Be sure to check out the full 2019 Greensboro Annual Report here for more info on how the market performed last year. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals. Interested in what’s happening in other markets? Check out all our 2019 Annual Reports here.