The Piedmont Triad housing market is still humming along despite a slowdown in some parts of the country. As big companies such as Toyota and Boom Supersonic set up shop in the area, more people are moving here and driving up demand. Add to the bustling local economy a shortage of homes, some real estate agents don’t expect a change very soon.

According to Rocket Homes, the number of listings in Winston-Salem during the month of October was 869, down 7.2% from the previous month. The median list price in October 2022 was $249.9K, up 18.2% year-over-year. Still, there are signs that the fierce competition of the past couple of years is no longer. The average sale time for Winston-Salem properties has soared to 17 days, up 14.9% from a year ago. In Greensboro, the average days on market sat at 16 days, up 24.3% from the previous year. In both cities, more than 40% of homes sold below asking price in October 2022. 

In an interview with Fox 8, Greensboro Realtor Kelly Marks at RE/MAX said several developments under construction in the Triad should help alleviate the inventory shortage but not immediately. “It takes a while to get from the planning stages to passage to actually water and sewer, and then basically structures and homes coming up out of the ground,” he said.

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 talk about your financial goals and discuss a loan program that might be right for you.