March 2024 Market Snapshot for the Triad

Dated: April 15 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 March 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!

March 2024

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season. 

New Listings increased 0.1 percent for Single Properties but remained flat for Townhouse/Condo. Pending Sales decreased 19.0 percent for Single Properties but increased 0.5 percent for Townhouse/Condo. Inventory increased 24.1 percent for Single Properties and 46.9 percent for Townhouse/Condo. 

The Median Sales Price increased 10.1 percent to $299,495 for Single Properties and 3.8 percent to $248,000 for Townhouse/Condo. Days on Market increased 12.2 percent for Single Properties and 69.0 percent for Townhouse/Condo. Months Supply of Inventory increased 33.3 percent for Single Properties and 42.9 percent for Townhouse/Condo. 

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.

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

As a lifelong resident of Greensboro and a leading Realtor since 1994, I've recently expanded my expertise to the Pinehurst area, consistently topping the charts in our market. My roots in Greensboro ....

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