Winston-Salem Real Estate Market: What You Need to Know
Introduction
If you’re looking to buy a home in Winston-Salem, North Carolina, you may be wondering what the current market looks like. As of November 2022, the median listing home price was $270K, trending up 17.4% year-over-year. The sale-to-list price ratio is 100%, meaning that homes are selling for the asking price on average in Winston-Salem. Read on to learn more about what this means for potential homeowners and real estate investors in the area.
Real Estate Prices and Trends
The median listing home price per square foot in November 2022 was $152, which is up from last month’s median listing price of $149 per square foot. The median home sold price was $253.5K, which is down slightly from last month’s median sold price of $256K. While the overall trend has been upward over the past year, there has been slight fluctuations month to month due to seasonal patterns and changes in demand for homes in the area.
Housing Market Outlook
The housing market outlook for Winston-Salem is positive with increasing demand and prices over the past year. Homes are currently selling after 45 days on average, which is slightly lower than last year’s average of 49 days on market. This indicates that buyers are more eager to purchase homes right now than they were a year ago, suggesting that demand may continue to increase as we head into 2023 and beyond.
Homeowner Market Conclusion
Overall, it appears that Winston-Salem’s real estate market is healthy and growing with increasing prices and shorter periods on the market for homes in the area. This makes now an ideal time for homeowners or real estate investors looking to buy property in Winston-Salem. With prices continuing to rise and demand still high, it could be a great opportunity to get into a great new home or investment property at an attractive rate before prices continue their ascent even further into 2023 and beyond!
Let’s look at the rental market in Winston-Salem now…
Exploring the Single-Family Rental Market in Winston-Salem, North Carolina
Winston-Salem, North Carolina is a great option for people looking to invest in single-family rentals. As one of the best cities for renters in the U.S., according to WalletHub, Winston-Salem has a thriving rental market with plenty of potential for investors. Let’s take a closer look at some of the key market stats and neighborhoods that make this an attractive investment opportunity.
Market Stats
The median rent for a 3-bedroom home in Winston-Salem is $1,497 per month, based on the most recent report from Zumper (December 2021). Rent prices have increased by 12% year-over-year and have grown by 17% over the past 3 years. This indicates that there is strong demand for rentals in this area and that rents are likely to continue increasing. Furthermore, renter-occupied households make up 45% of all occupied housing units in the city. This shows that there is a large pool of potential renters available, and it also suggests that rental demand will remain high into the foreseeable future.
Neighborhoods
Investors should also be aware of which neighborhoods are most desirable when investing in single-family rentals. The neighborhoods with the lowest rents include Northeast Winston, Greenway, Sunnyside Park, and Southside Park. These areas tend to attract younger people who are looking for more affordable housing options but who still want access to all the amenities that downtown has to offer. Additionally, these neighborhoods offer easy access to popular destinations like Salem Lake Park and Wake Forest University, which makes them attractive places to live for people of all ages.
Rental Market Conclusion
Overall, Winston-Salem is an excellent choice if you’re looking to invest in single-family rentals due to its vibrant rental market and relatively affordable rent prices. The city also offers plenty of amenities as well as convenient access to popular attractions like Salem Lake Park and Wake Forest University. With strong rental demand and low vacancy rates, now could be an ideal time for investors to get involved in this dynamic rental market!
Did You Know?
EarlToms would like to make an offer on your house. We pay cash so you won’t have any appraisals, home inspections, agent commissions, or closing fees typically associated with selling your house to EarlToms. If you want to sell your house, in a hassle-free way, simply fill out the form on our Winston-Salem page to get started.
