The real estate market has been red-hot across the entire nation. But which major North Carolina city saw the biggest change in median home prices?
According to Redfin, Winston-Salem had the largest increase in median home prices at nearly 43% between January 2020 and January 2022, of the four largest NC metro areas with data available (Durham, Raleigh, Winston-Salem, and Greensboro).
For comparison, Greensboro saw an over 35% increase in median home prices in that time frame. Durham experienced a 34.8% increase during that time, while Raleigh had the smallest increase out of the four major cities with available data at 34.4%.
Housing inventory shortages continue to drive high demand and push up prices in the area. There were 273 homes sold in January this year, down from 293 last year. On average, homes in Winston-Salem sell after 31 days on the market compared to 32 days last year.
Yet, despite the recent surge in prices, the Winston-Salem housing market remains more affordable than metro areas such as Raleigh, Durham, Charlotte, and Asheville. In January 2022, Winston-Salem home prices sold for a median price of $230,000.
If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can discuss your financial goals and discuss a loan program that might be right for you.
