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
2023 Annual Market Report for Piedmont Triad Region
Dated: January 29 2024
Annual Report on the 11-County Piedmont Triad Region
For Residential Real Estate Activity in the Entire Service Area
The real estate landscape in the Piedmont Triad region has seen some interesting shifts this past year. Let's dive into the most notable trends from the 2023 Annual Market Report that could impact your property decisions:
- A Challenging Market: 2-Decade high mortgage rates and low inventory characterized the year, creating a challenging environment for buyers and sellers alike.
- Stable Showing Activity: Interestingly, the number of showings until pending (10) remained consistent year-over-year, suggesting steady buyer interest despite market challenges.
- Decrease in Sales Activity: The region experienced a decrease in pending sales by 12.4% and closed sales by 16.0%.
- Rising Inventory: A silver lining in this tight market - the inventory of homes available for sale rose by 9.1%.
- Shifting Prices: Despite market challenges, the median sales price saw a 3.0% increase to $275,000, with 2-bedroom homes witnessing the largest price growth at 8.9%.
- Future Outlook: With the Federal Reserve planning rate cuts, there's potential for increased home sales and housing supply, though affordability remains a key concern.
Conclusion and Next Steps
Navigating the Triad's real estate market requires insight and agility, especially in these fluctuating times. Whether you're looking to buy, sell, or just stay informed, it's crucial to have a knowledgeable partner by your side.
📲 If you're curious about how these trends affect your property plans or want to explore your options in the Triad's real estate market, don't hesitate to reach out. Let’s get moving!
All data from Triad MLS. Report © 2023 ShowingTime.
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