All across the U.S. the average listing prices for homes have been soaring while inventory continues to hit record lows as homebuyers take advantage of low mortgage interest rates. Of note, two of the five hottest real estate markets in the country are in North Carolina, according to the National Association of Realtors (NAR).

The Jacksonville and Fayetteville metro areas ranked in the top five markets in the country when it comes to demand outstripping supply, according to data released in April 2021 by the NAR. To determine where demand is highest, the NAR uses the ratio of pending sales to active listings. The ratios in Jacksonville, NC, and Fayetteville, NC, were a staggering 5:1 and 4.6:1, respectively. The Triad areas of Greensboro-High Point and Winston-Salem didn’t fall far behind either, notching up ratios of 3.8:1 and 2.6:1, respectively.

The sudden price appreciation has some people asking whether to stay put in their homes or compete in the hot real estate market. Renters in particular are feeling the pinch, as rising home prices increasingly push people out of the housing market. For homeowners raring to relocate, the situation seems more favorable as most have benefited from a gain in equity as the value of their properties increased and want to secure low mortgage rates before they climb again.

Are you looking to buy a home in the Piedmont Triad and take advantage of low mortgage rates while they last? The Sharpe Mortgage Team would love to help. Call us today to set up a time when we can review your financial goals and determine a loan program that might be right for you.