April 2022 Market Snapshot for the Triad

Dated: May 18 2022

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If you're thinking about selling your home, it's important to have a good understanding of what's going on in the Piedmont Triad real estate market.

Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell your home.

Our market report showcases everything you need to know about local real estate trends.

 

April 2022

The average 30-year fixed rate mortgage exceeded 5% in April, the highest level since 2011, according to Freddie Mac. The recent surge in mortgage rates has reduced the pool of eligible buyers and has caused mortgage applications to decline, with a significant impact on refinance applications, which are down more than 70% compared to this time last year. As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.

Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.

 

All data from Triad MLS. Report © 2022 ShowingTime.

 

Click Here to View the Full Report

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Michelle Porter

I have been a leader in Greensboro’s real estate market since 1994 and have consistently been a top producer in many segments of the Triad market. As a Greensboro native, I have extensive knowle....

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