August 2023 Market Snapshot for the Triad

Dated: September 15 2023

Views: 98

Embark on an exciting journey through the current state of the Piedmont Triad real estate market with our comprehensive monthly market trends update.

Arm yourself with the power of knowledge as we unveil crucial data, such as the average sales price, number of homes sold, and days on market. It's your secret weapon for a strategic advantage when it's time to sell your home.

Explore our August market snapshot to gain a comprehensive overview of the local real estate trends that truly matter. It's time to dive in and uncover the secrets of the Triad's market!

August 2023

Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).

New Listings decreased 9.8 percent for Single Properties and 3.7 percent for Townhouse/Condo. Pending Sales decreased 31.4 percent for Single Properties and 23.3 percent for Townhouse/Condo. Inventory decreased 4.6 percent for Single Properties but increased 32.0 percent for Townhouse/Condo.

The Median Sales Price increased 2.5 percent to $292,000 for Single Properties and 17.0 percent to $250,000 for Townhouse/Condo. Days on Market increased 68.8 percent for Single Properties and 42.9 percent for Townhouse/Condo. Months Supply of Inventory increased 20.0 percent for Single Properties and 63.6 percent for Townhouse/Condo.

Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.

📈 Overall, the market in the Triad is thriving with high demand, quick sales, and competitive prices. As your trusted REALTOR®, I am here to guide you through this exciting market and help you achieve your real estate goals. Don't hesitate to reach out! 

Click Here to View the Full Report

All data from Triad MLS. Report © 2023 ShowingTime.

Blog author image

Michelle Porter

I'm a lifelong resident of Greensboro, deeply immersed in the local real estate scene since 1994, consistently achieving outstanding results in the Triad area. My roots in Greensboro mean I know this ....

Latest Blog Posts

How to Navigate High Mortgage Interest Rates

FINANCE, HOMEBUYERS, MORTGAGE INTEREST RATESHow to Navigate High Mortgage Interest RatesMortgage interest rates are hovering at the highest levels in over 23 years, causing mortgage demand to

Read More

Local Weekend Guide

Your Local Weekend GuideIf you're looking for fun, entertaining, and educational things to do in the Greensboro, NC area, you've come to the right place. Our Weekend Guide, and sometimes:-),&

Read More

All About ADUs, Granny Flats and Rental Income

HOMEOWNERS, TRENDS, HOME VALUES, HOMEBUYERS, RENTSAll About ADUs, Granny Flats and Rental IncomeHomeowners who want to add more value to their properties are turning to an evolving trend: building a

Read More

What to Consider When Selling a Home "As Is"

HOMEBUYERS, MARKET CONDITIONS, HOME SELLERSWhat to Consider When Selling a Home “As Is”It’s no secret that homebuyers prefer move-in ready homes that have been repaired and.&

Read More