Homebuyers are bemoaning the lack of inventory and the fierce competition in the NC Triad’s housing market. But do the numbers back them up?

In short, yes. If no more homes were built in the Triad today, inventory would be gone in about three weeks – as opposed to the usual six months. In addition, the average sales price of Triad homes went up by more than $50,000 in 14 months. With homes averaging out at $200,000, the appreciation in just over a year was a whopping 25%.

As Keller Williams’ real estate agent Jason Coleman explained to WFMY News 2 in a recent interview, the current feeding frenzy on homes shows no signs of abating and may well be the norm for the coming years. The reasons are trifold:

Demand

The pandemic-driven shift to telecommuting has allowed more people from high cost-of-living states, such as California and the northeast, to work and live in more affordable places. As a result, demand for available homes in the Triad skyrocketed, driving the price of homes through the roof.

Supply

Potential sellers have refrained from putting their homes on the market for fear of job loss or financial uncertainty. Additionally, most sellers want to have a new home to move into before they list their homes on the market. With so few homes available due to the fierce competition, many sellers got cold feet about listing their homes.

Higher costs of building

To add insult to injury, the costs of building materials, like lumber, have surged this year and fueled prices for new homes.

Is there anything that The Sharpe Mortgage Team can do for you this week? If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can discuss your financial goals and discuss a loan program that might be right for you.