Did you know that North Carolina's cities rate higher than most other states in the real estate market? With so many North Carolinian homes being sold successfully, many investors are trying to join the real estate development trends.
But what's making these homes sell, and how can you join in on the Winston-Salem real estate without much risk? The best way is to be aware of what real estate trends you're going to ride.
If you're curious about entering the housing market in North Carolina in 2024, we're here to help guide you. Read on to learn more about the common real estate development trends in the Winston-Salem area.
The first thing to consider is the price most homes sell for. If the sales are high because homeowners are frantically liquidating at a low price, it may not be the best market to join.
Thankfully, that isn't the case in Winston-Salem. Most homes are selling at or above their asking price. Prices tend to increase toward the fall and winter seasons.
Most projections have the 2024 market set to be increasing throughout 2024. Prices will also rise during summer as families move in before the school year.
How long does it take a home to sell?
One difficulty with the housing market is how long it can take to sell a home. It depreciates every week it stays on the market - and you're paying for the upkeep. As such, if houses take too long to sell in Winston-Salem, you may want a different locale in North Carolina.
Homes sell relatively quickly in Winston-Salem. Most experts attribute this to the relatively low cost of living and the excitement of new buyers moving into the small town.
How large are the houses being sold? Winston-Salem is a family area, so most homes selling seem to go toward growing families.
Most of the properties being sold in Winston-Salem are detached single-family homes.
Homes with three bedrooms outsell and outnumber other types of properties. Smaller homes are cheaper to make and can sell quicker but won't sell for as much.
Against Other Towns
Finally, how does Winston-Salem compare to other nearby towns?
North Carolina has seen sweeping growth in real estate. Winston-Salem is currently number 148, ranking among cities like High Point and Fayetteville.
In the same ranking, we see that Winston-Salem is favored for its affordability. The city ranks as much more affordable than most others, making it ideal for first-time homeowners.
Following Trends in Real Estate Development
Following the real estate development trends in Winston-Salem will help you get a home in the best market without as much hassle.
Do your best to keep an eye on the trends to capitalize on any sudden changes. As of now, Winston-Salem is one of the best townships in North Carolina for the housing market.
Are you interested in learning more about Winston-Salem real estate and how you can join the trends? Contact us for a consultation on where to invest.