We are proud to present you with this synopsis of the national, regional, and localized trends that matter most, found here in our Greensboro_2023 Annual Report.
Real estate can be likened to an unpredictable adventure, akin to navigating a winding river with unexpected twists and turns. In 2023, our journey in the Triad Area of Greensboro, North Carolina, has taken us through the rapids and calm waters of a dynamic seller’s market, characterized by swift property viewings, multiple offers, and successful closings above the asking price.
As we embark on the journey into 2024, there is a sense of anticipation and curiosity about the course that lies ahead. Just like the excitement and unknowns of embarking on a river expedition, the real estate market presents a similar sense of adventure. There’s no need for concern, though–our experienced agents are well-prepared and eager to guide you through this exciting expedition!
MARKET OUTLOOK – LOCAL LEVEL
At the beginning of each year, we engulf ourselves in the sales charts, devour the data, look back at goals set, and check in on how our predictions for the past year held true. We do our best to learn from the past and prepare our clients and agents for the new year ahead. 2023 in the real estate market reminded us of the old saying, “The more things change, the more they remain the same.” It was a year of change in the real estate market for sure, but the fundamentals did not change.
What did change in 2023? Mortgage interest rates went up significantly putting some buyers on the sidelines due to affordability. At the end of 2023, mortgage rates trended down over the last four data points. So much so that the National Association of Realtors economists stated that mortgage rates have peaked and could head back to the 6% range early in 2024. Sellers had to price properties more competitively, offer concessions, and homes stayed on the market longer.
What stayed the same in 2023? Home inventory rose minimally over the past year but still remained at historically low levels. Sellers held on to properties longer and new home starts remained significantly under what was needed to help balance the market. The fundamentals of supply and demand remained the largest headwind for the real estate market.
2024 is predicted to be an interesting year for the real estate market. With mortgage rates coming back down, most likely in the 6% range, more buyers are predicted to re-enter the market. This will most likely re-energize buyer competition for the homes listed for sale in 2024.
–Visit us at NestRealty.com for more information.