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July 2022 Market Snapshot for the Triad
Dated: August 15 2022
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.
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.
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....