HOMEBUYERS, BUILDERS, MORTGAGE RATES, INSPECTIONSAvoid These 3 Big Mistakes During the New Home BoomAs housing affordability improves and the shortage in existing homes continues,
July 2022 Market Snapshot for the Triad
Dated: August 15 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 snapshot showcases everything you need to know about local real estate trends.
July 2022
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
New Listings decreased 9.7 percent for Single Properties and 9.6 percent for Townhouse/Condo. Pending Sales decreased 31.8 percent for Single Properties and 34.9 percent for Townhouse/Condo. Inventory increased 31.1 percent for Single Properties and 7.4 percent for Townhouse/Condo.
The Median Sales Price increased 20.0 percent to $289,000 for Single Properties and 14.0 percent to $205,000 for Townhouse/Condo. Days on Market decreased 13.3 percent for Single Properties and 25.0 percent for Townhouse/Condo. Months Supply of Inventory increased 36.4 percent for Single Properties and 10.0 percent for Townhouse/Condo.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
All data from Triad MLS. Report © 2022 ShowingTime.
Michelle Porter
I've been a real estate leader in Greensboro since 1994, consistently achieving top producer status in the Triad market. As a native of Greensboro, I possess extensive knowledge of the local market, n....
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Listing information © 2023 Triad MLS, Inc. of North Carolina. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) Program of the Triad MLS, Inc. of High Point, NC. Real estate listings held by brokerage firms other than Michelle Porter REALTORS® are marked with the Internet Data Exchange logo or the Internet Data Exchange (IDX) thumbnail logo (the TRIAD MLS logo) and detailed information about them includes the name
Burlington-Alamance County Association of Realtors® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
