With a median sale price below the national average and a balanced ratio of homes selling above and below list price, Winston-Salem housing market presents a unique landscape that caters to both buyers and sellers. While buyers may find opportunities to secure properties below list price, sellers can leverage the competitive market to their advantage, especially with properties in high demand.
Winston Salem Housing Market Trends in 2024
How is the Housing Market Doing Currently?
As of February 2024, Winston-Salem's housing market stands resilient, witnessing a commendable surge in home prices. According to Redfin, compared to the previous year, home prices have soared by 12.0%, reaching a median price of $280K. Despite the slight increase in days on the market, with homes selling after 39 days compared to 35 days the year prior, the market exudes stability with 183 homes changing hands in February.
It's noteworthy that Winston-Salem's median sale price remains 32% below the national average, rendering it an enticing prospect for both buyers and investors alike. In this ever-evolving market, where competition simmers beneath the surface, homes sell on average in 37 days, painting a picture of a somewhat competitive landscape.
How Competitive is the Winston-Salem Housing Market?
Within the Winston-Salem housing arena, competition is palpable, with some properties garnering multiple offers. On average, homes sell for about 1% below list price, swiftly going pending in approximately 37 days. However, hot properties, those in high demand, can fetch approximately 1% above list price, entering pending status in a mere 21 days.
Examining the sale-to-list price ratio reveals a year-over-year increase of 0.2 percentage points, standing at a commendable 99.1%. Moreover, 32.2% of homes sold above list price, marking a 1.6 percentage point rise from the previous year. Conversely, 33.3% of homes experienced price drops, reflecting a 15.3 percentage point increase year-over-year.
Are There Enough Homes for Sale to Meet Buyer Demand?
Exploring migration and relocation trends sheds light on the movement within and towards Winston-Salem. From December '23 to February '24, 23% of homebuyers expressed an interest in moving out of the city, while a significant 77% opted to stay within the metropolitan area.
Interestingly, a fraction of homebuyers from across the nation, constituting 0.48%, searched to relocate into Winston-Salem from outside metros. Among these, Washingtonians displayed the highest interest, followed closely by New Yorkers and those from Raleigh.
What is the Future Market Outlook for Winston-Salem?
As we navigate the dynamic currents of Winston-Salem's real estate landscape, it's crucial to analyze not only current trends but also future projections. While the market showcases signs of competitiveness and resilience, it's imperative for both buyers and sellers to remain vigilant.
Considering the steady rise in home prices and the evolving nature of buyer preferences, the market outlook appears optimistic. However, fluctuations in supply and demand dynamics, coupled with external factors, may influence the trajectory of Winston-Salem's housing market in the foreseeable future.
Winston-Salem Housing Market Forecast for 2024 and 2025
According to Zillow, the Winston-Salem housing market continues to exhibit robust growth, with the average home value reaching $242,259, reflecting a substantial 5.7% increase over the past year. Homes in this area are in high demand, typically going pending in approximately 15 days, showcasing the city's vibrant real estate landscape as of January 31, 2024.
Key Housing Metrics
For Sale Inventory (January 31, 2024):
550 homes are currently available for sale in Winston-Salem as of the latest data, providing a snapshot of the city's housing market vitality.
New Listings (January 31, 2024):
192 new listings have entered the market in January 2024, showcasing a steady influx of available properties.
Median Sale to List Ratio (December 31, 2023):
The median sale to list ratio as of December 31, 2023, stands at 0.998, indicating a strong alignment between listing prices and actual sale prices.
Median Sale Price (December 31, 2023):
The median sale price for homes in Winston-Salem, as of December 31, 2023, is $226,417.
Median List Price (January 31, 2024):
As of January 31, 2024, the median list price for homes in Winston-Salem is $271,483, reflecting the current market value of listed properties.
Percent of Sales Over/Under List Price (December 31, 2023):
Notably, 39.1% of home sales in Winston-Salem as of December 31, 2023, were above the listed price, while 47.5% were below, indicating diverse pricing dynamics within the market.
Winston MSA Housing Market Forecast
In terms of the Winston MSA Housing Market Forecast, projections indicate significant growth. As of January 31, 2024, the forecast predicts a 0% change by February 29, 2024, followed by a 0.8% increase by April 30, 2024, and a substantial 5.2% surge by January 31, 2025. These optimistic forecasts underline the city's attractiveness for real estate investment.
The term MSA stands for Metropolitan Statistical Area, and in the case of Winston, NC, it refers to the broader metropolitan region encompassing Winston-Salem. This includes multiple counties within North Carolina, contributing to the overall economic and housing landscape. The sheer size of the housing market in the Winston MSA underscores its significance, making it a key player in the regional real estate scene.
Are Home Prices Dropping in Winston-Salem Real Estate Market?
Contrary to a decline, the housing market in Winston-Salem demonstrates a positive trend. The average home value has experienced a noteworthy 5.7% increase over the past year, reaching $242,259 as of January 31, 2024. This upward trajectory signifies a resilient market where home prices are on the rise, providing homeowners with favorable appreciation.
Will the Winston-Salem Housing Market Crash?
As of the current analysis, there are no indicators suggesting an impending housing market crash in Winston-Salem. The steady increase in home values, coupled with strong demand and a seller-centric market, paints a picture of stability. However, it's essential to monitor economic factors and market dynamics for any potential shifts in the future.
Is Now a Good Time to Buy a House in Winston-Salem?
For prospective buyers considering Winston-Salem, the current market poses both opportunities and challenges. While the seller's market may present hurdles such as increased competition and higher prices, the forecasted growth in the housing market suggests potential appreciation for home values. Ultimately, the decision to buy should align with individual circumstances, financial considerations, and the willingness to navigate a market that currently favors sellers.
Here are some factors that could affect the Winston-Salem housing market in 2024:
- The economy: If the economy continues to grow, it could lead to increased demand for housing and higher home prices.
- Interest rates: If interest rates rise, it could make it more expensive to borrow money to buy a home, which could dampen demand and slow home price appreciation.
- Inventory: If the supply of homes continues to increase, it could put downward pressure on home prices.
References:
- https://www.zillow.com/home-values/41760/winston-salem-nc/
- https://www.realtor.com/realestateandhomes-search/Winston-Salem_NC/overview
- https://www.redfin.com/city/19017/NC/Winston-Salem/housing-market