January 2024 Market Snapshot for the Triad

Dated: February 21 2024

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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 January market snapshot to gain a comprehensive overview of the local real estate trends that truly matter. It's time to dive in to the numbers!

January 2024

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings increased 14.1 percent for Single Properties and 38.6 percent for Townhouse/Condo. Pending Sales decreased 15.9 percent for Single Properties but increased 3.5 percent for Townhouse/Condo. Inventory increased 13.6 percent for Single Properties and 49.8 percent for Townhouse/Condo.

The Median Sales Price increased 15.6 percent to $289,000 for Single Properties and 19.0 percent to $250,000 for Townhouse/Condo. Days on Market increased 2.6 percent for Single Properties and 95.8 percent for Townhouse/Condo. Months Supply of Inventory increased 33.3 percent for Single Properties and 66.7 percent for Townhouse/Condo.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

Are you considering buying or selling in the Piedmont Triad area? Don't navigate this dynamic market alone! Connect with us for personalized guidance and expert insights tailored to your unique real estate goals. Click here to get in touch and take the first step towards realizing your property dreams with confidence and clarity.

Click Here to View the Full PDF Report with Graphs

All data from Triad MLS. Report © 2024 ShowingTime.

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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 ....

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