How is The Greensboro Real Estate Market 2019?
Buying real estate in Greensboro can be a worthy investment opportunity. If you are looking at investing in the Greensboro real estate market as a potential investment opportunity, you must read till the end. Greensboro, North Carolina is often ignored. It is overshadowed by larger cities like Charlotte and Raleigh. However, the Greensboro housing market has a number of points in its favor.
Greensboro is the third largest city in the state. It isn’t the state capital or the largest city, so it tends to be overlooked. Greensboro is home to around three hundred thousand people. The Greensboro housing market is larger than that. Greensboro is the biggest city in the Piedmont Triad.
That includes the Greensboro real estate market as well as Winston, Salem and High Point. That gives the Greensboro area a population of roughly 1.6 million people. However, the Piedmont Triad should not be confused with the “Triangle”; the Triangle consists of Raleigh, Durham and Chapel Hill.
Annual real estate appreciation rates in Greensboro have been quite strong for the past few years. The Greensboro housing market is poised for steady price growth and increased competition in 2019. Is Greensboro going to be one of the hottest real estate markets for investors in 2019?
To answer this question, let’s take a deep look at the latest Greensboro housing market trends and find out the prospects of investing in the Greensboro real estate in 2019.
Greensboro Real Estate Market Forecasts 2019 & 2020
According to Zillow, the median home value in Greensboro is $144,700. Greensboro home values have gone up 7.7% over the past year and Zillow's Greensboro real estate market prediction is that the prices will rise 3.7% within the next year. The median list price per square foot in Greensboro is $110, which is higher than the Greensboro-High Point Metro average of $108.
The median price of homes currently listed in Greensboro is $203,900 while the median price of homes that sold is $163,300. The median rent price in Greensboro is $1,105, which is higher than the Greensboro-High Point Metro median of $1,100.
Here is the Greensboro real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 3.7% till June 2020.
Greensboro Housing Market Forecast 2019 – 2021
The Greensboro housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. The accuracy of the Greensboro housing market trend prediction is 87%. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Greensboro, NC is 87% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Check this page each quarter for updates to the Greensboro, NC Real Estate Forecast.
Greensboro Real Estate Market Trends
Greensboro real estate market trends indicate an increase of $11,500 (7%) in median home sales and a 4% rise in median rent per month over the past year. The average price per square foot for this same period rose to $105, up from $100. Trulia has 1,542 resale and new homes for sale in Greensboro, NC, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Greensboro for May 1 to Jul 31 was $175,000 based on 1,160 home sales. Average price per square foot for Greensboro was $105, an increase of 5% compared to the same period last year. The median rent per month for apartments in Greensboro for Jun 28 to Jul 28 was $1,149.
As per the real estate company named Redfin, the Greensboro housing market is somewhat competitive. Homes in Greensboro receive 1 offers on average and sell in around 33 days. The average sale price of a home in Greensboro was $189K last month, up 5.0% since last year.
The average sale price per square foot in Greensboro is $104, up 3.0% since last year. Homes typically receive 1 offer. Homes in the Greensboro housing market sell for about 2% below list price and go pending in around 33 days. Hot homes for sale in Greensboro, NC can sell for about 1% above list price and go pending in around 23 days.
Greensboro Housing Market Statistics
|Median Sales Price||$175,000 (On Trulia)|
|Price Per Square Ft||$105|
|Median Rent Per Month||$1,149|
|Median Household Income||$41,290|
|Transportation||97% people commute by car; 1% commute by public transportation|
There are 1,270 homes for sale in Greensboro, NC ranging from $7.5K to $2.9M on Realtor.com. 116 of which were newly listed within the last week. Additionally, there are 287 Greensboro rental properties, with a range of $365 to $4.5K per month. In June 2019 the housing market in Greensboro, NC was a seller’s market, which means there were roughly more buyers than there were active homes for sale.
In June 2019, the median list price of homes in Greensboro, NC was $214K, trending up 7.7% year-over-year. The median listing price per square foot was $110. The median sale price was $184.4K. As per Realtor.com, homes in Greensboro, NC sold for approximately the asking price on average in June 2019. On average, homes in Greensboro, NC sell after 57 days on the market. The trend for median days on market in Greensboro, NC has gone up since last month, and slightly up since last year.
The median list price in Greensboro, NC is $299,000 on Movoto.com. The median list price in Greensboro was less than 1% change from July to August. Greensboro's home resale inventories is 743, which increased 0 percent since July 2019. The median list price per square foot in Greensboro is $111. July 2019 was $126. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in August.
Greensboro, NC Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate.
Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the real estate company called Neigborhoodscout.com, the median house price in Greensboro, NC is $161,233, which indicates that home prices in Greensboro are near the national average for all cities and towns in the United States. Single family detached homes are the single most common housing type in Greensboro, accounting for 54.19% of the city's housing units.
Three and four bedroom single-family detached homes are the most prevalent building size and type in the Greensboro housing market. The city has a mixture of owners and renters, with 50.36% owning and 49.64% renting. Other types of housing that are prevalent in Greensboro include large apartment complexes or high rise apartments, duplexes and a few row houses.
According to Realtor.com, Greensboro is one of ten housing markets in the U.S. where prices are unstoppable. Single family home values in Greensboro, NC are 37% below the median home value in the United States.
Currently, there are 735 single family homes for sale in Greensboro, NC on Zillow. Additionally, there are 174 single family homes for rent in Greensboro, NC. Under potential listings, there are about 11 Foreclosed and 116 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Greensboro, NC Foreclosures And Bank Owned Homes 2019
As per Zillow's statistics, the percent of delinquent mortgages in Greensboro is 1.1%, which is higher than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of Greensboro homeowners underwater on their mortgage is 8.1%, which is lower than Greensboro-High Point Metro at 8.3%.
|Foreclosures in Greensboro||434|
|Homes for Sale in Greensboro||399 (RealtyTrac)|
|Median List Price||$194,450 (4% ⇑ vs May 2018)|
There are currently 434 properties in Greensboro, NC that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 399. In June 2019, the number of properties that received a foreclosure filing in Greensboro, NC was 0% higher than the previous month and 28% higher than the same time last year.
Best Places To Buy Real Estate In Greensboro, NC
If you are looking to buy real estate in Greensboro, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Greensboro real estate and you should be able flip it for a lump sum profit.
When looking to invest in Greensboro real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Greensboro investment property should be low. The neighborhoods in Greensboro must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties. There are 130 neighborhoods in Greensboro. There are 61 elementary schools, 28 middle schools, 27 high schools and 22 private & charter schools.
Some of the best neighborhoods in Greensboro, North Carolina are Old Irving Park, Adams Farm and New Irving Park. Northern Shores has a median listing price of $607.5K, making it the most expensive neighborhood. Hamilton Hills is the most affordable neighborhood in Greensboro, North Carolina with a median listing price of $141,000.
Here are the 10 best neighborhoods in Greensboro to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).
Westfield Dr / Carlson Dairy Rd
Airport Pky / Old Oak Ridge Rd
Pisgah Church Rd / Lawndale Dr
Hamilton Lakes / Starmount Forest
Lake Brandt Rd / Old Battleground Rd
Joseph Bryan Blvd / Inman Rd
Should You Invest In Greensboro Real Estate In 2019?
Is it worth buying a house in Greensboro, NC? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Greensboro is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Greensboro housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Greensboro but we have collected ten evidence based positive things for those who are keen to invest in the Greensboro real estate in 2019.
Investing in Greensboro real estate will fetch you good returns in the long term as the home prices in Greensboro have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Greensboro real estate market which can help investors who are keen to buy an investment property in this city.
1. The Surprisingly Large Greensboro Rental Market
The Greensboro area has a large number of manufacturing jobs, but there are seasonal retail and agricultural jobs, as well. On top of this is the large, diverse student market, a population that will not settle down into home ownership until well after college graduation.
This combines to create a rental market consisting of half the population. That’s far higher than the state average – roughly two thirds of North Carolina residents own their homes.
Demand for rentals in the Greensboro real estate market run the gamut from luxury condos near major employers to affordable rentals for those in poverty. Whatever market segment you’d like to serve contains a large number of renters.
This contributes to higher than expected rental rates for a Greensboro real estate investment property. We’ll address the sub-populations that contribute to this later.
2. The Return on Investment
At first blush, the median rent in the Greensboro housing market is a turn off. The median rent is 700 to 800 dollars a month. For comparison, the median rent in the state is 900 dollars a month, while the national average is closer to 1200 dollars a month.
Return on investment is 0.6 percent in the Greensboro real estate market, since you get around 850 dollars a month in rent on a 140,000 dollar property. This is twice the ROI you’d receive on a property in Seattle or San Francisco.
3. The Low Tax Rate
North Carolina property taxes are on an ad valorem basis. While that basis varies widely across the state, the average property tax rate is fairly low. Property taxes average 0.8 percent of the house’s value.
The state doesn’t collect inheritance or estate taxes, and this is a plus if you’re going to pass on a Greensboro real estate investment property to heirs. The state’s flat income tax rate is 5.75 percent for individuals, and business taxes are also reasonable.
4. How Laws Favor Property Owners
One worry that prevents people from buying an Greensboro real estate investment property is the fear that they can’t evict people who aren’t paying the rent. That destroys the profitability of a Greensboro real estate investment, and it leads to steep legal fees.
Fortunately, North Carolina is one of the best states for landlords. For example, security deposits are maxed out at two months’ rent, whereas other states limit it to one month. You have a month to return the security deposit.
Eviction notices can be sent ten days after the rent is due, whereas other states give you up to a month to come up with the rent.
The Greensboro real estate market is actually becoming more friendly to landlords. For example, the state passed a law that makes it easier for landlords to recover legal fees when they have to go to court to evict someone.
5. The Growing Economy
The Greensboro area has long been the center of a rich agricultural area. However, it has cultivated a more diverse economic base. The area is now home to advanced manufacturing and aerospace employers.
This is partially due to the many universities in the area and partially due to the lower cost of real estate compared to that of the Research Triangle. The Greensboro real estate market is also bolstered by the diverse job market.
The city is the main services provider for the region including entertainment, medical services and education. This generates a large number of service jobs that pay well compared to the surrounding rural and semi-urban areas.
This has led to unemployment rates and job growth in line with the national average and better than the surrounding region until you hit bigger cities like Raleigh.
6. Greensboro's Income Growth
One point in favor of the Greensboro housing market is wage growth. This is partially due to the larger than average share of high tech employment. This has led to household income growth of more than two percent.
Overall job growth is a healthy one and a half percent. This is leading to slow population growth as people move here for relatively good paying jobs.
7. The Diverse Student Market
The Greensboro real estate market, if you take all of the surrounding towns into account, contains a very diverse student market. From Elon University to Bennett College, the North Carolina Agricultural and Technical University to several University of North Carolina campuses, there are many schools in the area.
This means you can own a diverse Greensboro real estate investment portfolio while still catering to students.
8. The Affordable Real Estate
The Greensboro real estate market is incredibly affordable. The median home price is 161,000 dollars. This is one fourth lower than the average home price for the country as a whole.
And that’s despite Greensboro real estate having appreciated at four to five percent a year for the past few years.
9. The Steady State Greensboro Real Estate Market
Estimates suggest that a few thousand people move to the Greensboro real estate market every year. The area also experiences slow demographic growth, since many people raised here attend local colleges and remain here.
That will help maintain property values in the Greensboro housing market. However, it isn’t growing so fast that developers are building new housing.
They don’t see the need beyond putting up a new dorm once in a while. The end result is better than expected property appreciation rates – 4.5 percent last year.
10. The Demographic Momentum
The median age in the Greensboro real estate market is 36, several years younger than the national average. The average age of residents is pulled down by the large number of students in the region.
The abundance of decent paying manufacturing and service jobs leads many college graduates to remain in the area. That will keep the Greensboro housing market growing for years to come.
The Greensboro real estate market is also buoyed by an average rate of foreign born residents – 10 percent. This means the appreciation of a Greensboro real estate investment isn’t dependent on immigration policies, something that has a significant impact on hotter markets like San Diego, California or Miami, Florida.
Greensboro Real Estate Investment
Maybe you have done a bit of real estate investing in Greensboro, NC but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold.
A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Greensboro real estate investment opportunity would be a key to your success. in If you invest wisely in Greensboro real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
The less expensive the Greensboro investment property is, the lower your ongoing expenses will be. Roughly a $150,000 property is what some experts recommend starting with.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments in Greensboro, you should focus on neighborhoods with relatively high population density and employment growth.
Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Greensboro, NC. The Greensboro real estate market offers an ideal situation for investors seeking steady, predictable returns. Return on investment is relatively high and not expected to decline, while property itself is relatively cheap.
The job market is strong enough to slowly attract residents and increase pay rates, but it won’t result in a massive influx of new construction to undermine existing property values. The area is large and diverse enough to give investors a choice of property types and markets to serve.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Greensboro, NC is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Greensboro real estate in 2019. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Best Places To Invest in Real Estate in 2019
The other best place to invest in real estate is Chandler, AZ. The Chandler area offers strong market fundamentals in addition to a favorable tax and regulatory climate. This is in addition to a plethora of high paying jobs that attract new residents and niche markets that are willing to pay higher rents in exchange for convenience and proximity to amenities.
The median rent in Chandler hovers around 1700 dollars a month. This is about a hundred dollars more per month than the median rent for the Phoenix metro area. The rent you’d receive for a single family Chandler real estate investment would of course be higher.
The Chandler real estate market is home to a decently sized student population, but its economy isn’t dependent on the rise and fall of one school. The Chandler-Gilbert Community College system caters to local students. Western International University and Ottawa University have campuses here.
Another sizzling market to choose for investment is the Scottsdale real estate market. You’ll see better than average returns on the average Scottsdale real estate investment property, and its value will be bolstered by a variety of factors. This makes Scottsdale a better choice for investors than Phoenix.
The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single family home. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home.
Some of them buy a one or two bedroom home to live in half the year. Others rent such properties. While many live in Sun City and other age-restricted communities, others choose to rent elsewhere in the Scottsdale real estate market.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
Steady state real estate market
Large rental market
Housing Market Data, Trends & Statistics