Home prices in Winston-Salem continued to increase during the months of April and May, outpacing the state’s other metro areas in terms of price hikes. According to real-estate research firm CoreLogic, home prices in the Winston-Salem area were 14.6% higher in April and 16.23% higher in May over the previous year.

The run-up in prices comes on the heels of the pandemic-driven demand for more yard space in less dense, more affordable areas. Sunbelt cities such as Winston-Salem have been relocation hot spots for years, but the pandemic has only intensified the migration pattern. In addition, low mortgage rates have helped fuel the surge in demand while new construction scrambles to keep pace. Forsyth, Davidson, Davie, Stokes, and Yadkin counties have seen double-digit increases in home price each month of 2021.

As the Winston-Salem Association of Realtors reported, the median home price in Forsyth was $266,830 in April 2021, up nearly 19% a year ago. And while some experts believe prices will eventually plateau or lose momentum over the next year, they do not share the same concerns about a potential housing bubble. Since the 2008 financial crisis, lenders have raised lending standards even beyond the requirements of the Dodd-Frank Act of 2010. The main factor driving up prices now is the existing demand-supply imbalance.

Are you looking to buy a home in Winston-Salem or any of the surrounding areas? 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.