Are you curious about what's happening in the Winston-Salem housing market? Well, the short answer is that it's somewhat competitive right now. According to Redfin data, the median sale price in Winston-Salem is $275,000, which is up a significant 10% compared to last year. Homes are selling in about 40 days on average, a bit longer than last year. Let’s dive deeper into the specifics of what’s driving these trends and what it means for you, whether you’re looking to buy or sell.
Current Winston-Salem Housing Market Trends
Home Sales
Let's talk numbers! In December of 2024, there were 221 homes sold in Winston-Salem. That’s a pretty big jump of 29.2% compared to the 171 homes sold during the same period last year. This increase suggests that despite the somewhat competitive nature of the market, people are actively buying homes in the area.
In my opinion, this could be attributed to a few factors like the interest rates and people wanting to get into the market before the new year starts. The increase in the number of sales compared to last year indicates a healthy level of demand. The rise in sales can also be a sign of people moving to Winston-Salem from out-of-state or a larger city. This brings me to another point which is people are not just moving within the Winston-Salem area but are also choosing to relocate from other areas.
Home Prices
The median sale price of a home in Winston-Salem has reached $275,000 as per the latest Redfin data. What’s truly eye-catching is that this figure represents a 10% increase year-over-year. That’s quite a jump. The median price per square foot is also on the rise, sitting at $165, a 3.1% increase compared to last year.
It's clear from the data that home values are going up, which can be great news if you're a homeowner considering selling. However, if you're looking to buy, it means you might need to adjust your budget expectations. These numbers tell me that, based on the 10% increase in the value of homes, it could be a sellers' market. The trend of prices increasing could mean that people are seeing the value in buying property here. It's a pretty good time to be a home seller in Winston-Salem, in my book.
Housing Supply
While Redfin’s data gives us a lot of insight into sales and prices, it doesn't give us a hard number on the current housing inventory or the housing supply. This information is key when trying to fully understand the market. From my own experience, a lower supply of homes usually helps to keep the demand and therefore, the price on the higher side. If we are seeing homes sell within 40 days and at a 10% higher price than last year, it is likely that there are still a lot of prospective buyers out there who are looking to get a home in this area.
Market Trends
Now, let's get into the nitty-gritty of what's shaping the market. The Winston-Salem housing market is currently described as somewhat competitive. Homes are receiving, on average, 1 offer and taking around 40 days to sell. This is slower than the 31 days last year. The sale-to-list price ratio is 98.7%, indicating that homes are typically selling for about 1% below the asking price.
It is also important to remember that 28.5% of homes are selling above the asking price which is a lot less than last year when 4.8% more homes were sold above the asking price. I know this looks a bit confusing and you might feel like it is not a sellers market but this only indicates that although more homes were sold in December 2024 than the previous year, it may be getting slightly difficult to sell homes at above asking price.
Interestingly, the number of homes with price drops has increased by 4.3% since last year. This suggests that while some homes are selling quickly and competitively, others might need price adjustments to attract buyers. My personal feeling is that the market is definitely cooling off a bit. It's not quite the frenzy it was a couple of years ago.
Here's a table summarizing the key Winston-Salem market stats:
Metric | December 2024 | Change vs Last Year |
---|---|---|
Median Sale Price | $275,000 | +10.0% |
Number of Homes Sold | 221 | +29.2% |
Median Days on Market | 40 | +9 |
Sale-to-List Price | 98.7% | -1.3 pts |
Homes Sold Above List | 28.5% | -4.8 pts |
Homes with Price Drops | 25.7% | +4.3 pts |
Is It a Buyer's or Seller's Housing Market?
This is the million-dollar question, isn't it? Based on the data and my understanding, the Winston-Salem housing market is currently leaning towards a seller's market, but not by a huge margin. The fact that prices are up 10% year-over-year and the median days on market are slightly up shows it is more favorable for sellers at the moment. Also, you should always remember that markets fluctuate. In my opinion, I think the situation can change quickly, particularly if inventory levels start to rise.
Are Home Prices Dropping?
While the data shows a 10% increase in median sale prices compared to last year, I don’t see any sign of home prices dropping right now. In fact, the trend has been consistently upward over the last year, based on the Redfin chart. The fact that over 25% of homes had to drop their prices and that the sale-to-list price ratio is at 98.7% shows me that while prices are definitely not dropping, the amount that homeowners can ask for might be getting more realistic. So, no the home prices are not dropping currently but that might not be the case going forward, it is too soon to say.
Migration & Relocation Trends
This is a really interesting section of the data that helps to put things into perspective. According to Redfin data, from Oct ‘24 – Dec ‘24, a considerable 24% of Winston-Salem homebuyers searched for homes outside the Winston-Salem area, while 76% looked to stay within the metro area. In short, this indicates that the majority of the homebuyers are staying in the metro area.
But what about people moving to Winston-Salem? Well, across the nation, only 0.44% of homebuyers searched to move into Winston-Salem from outside metros. However, when you look at the specific metro areas, a few cities stand out as the main sources of inbound migration. In the top three, we have Washington DC, New York, and Raleigh. This means Winston-Salem is attracting people from bigger metropolitan areas and even other states. It shows me that people are choosing to move here for some reason which can only benefit the real estate market.
And where are people leaving Winston-Salem for? Myrtle Beach takes the top spot, followed by Asheville and New Bern. This could be a signal of people wanting a beach location or moving to smaller, nearby cities. I believe that many people are choosing to move to a more laidback lifestyle.
My Thoughts on Market Data
As someone who follows the real estate market closely, I can confidently say that the current Winston-Salem housing market is exhibiting a mix of trends. It's not quite a roaring seller's market, but it's certainly not a buyer's paradise either. Prices are up, sales are up, and homes are moving fairly quickly.
However, the increase in price drops and slightly slower sales times also suggest that the market may be experiencing a bit of a shift. If you're a seller, now might be a good time to list your home, but you still need to price it strategically. If you're a buyer, you'll have to be prepared to act quickly.
Winston-Salem Housing Market Forecast 2025-2026
It looks like home values in Winston-Salem are expected to increase over the next year, not decrease. It is expected to grow steadily with a reasonable price gain in 2025. Now, let's get into the details because it’s always good to know what’s driving the market. I've been keeping a close eye on things, and while I can't predict the future with 100% accuracy, I can share what the data suggests for our area and what I believe it means.
What's the Prediction for 2025?
I’ve been checking the latest predictions from Zillow, and here’s what they’re saying about the Winston-Salem housing market. They've broken it down into a few key periods:
- Early 2025: By January 31, 2025, they predict home values in Winston-Salem will have increased by about 0.4%. This shows a modest rise in the beginning of the year.
- Next Quarter: Looking ahead to the end of March 2025, Zillow forecasts a rise of 1.3%. This suggests that the market will keep its growth in the first quarter of 2025.
- End of 2025: The big picture for December 2025 shows that the prediction for home values here is a solid 4.4% increase, marking a consistent climb through the year.
So, no drops or crashes predicted here, just a steady rise throughout 2025, as per Zillow.
Here's a quick look at the data in a table:
Time Period | Predicted Growth |
---|---|
January 31, 2025 | 0.4% |
March 31, 2025 | 1.3% |
December 31, 2025 | 4.4% |
How Does Winston-Salem Compare?
I thought it would be interesting to see how these numbers stack up against other areas in North Carolina. Here's a comparison based on Zillow data:
Region | December 2025 Growth Forecast |
---|---|
Winston-Salem, NC | 4.4% |
Charlotte, NC | 4.5% |
Raleigh, NC | 3.2% |
Greensboro, NC | 4.4% |
Durham, NC | 3.9% |
Fayetteville, NC | 6% |
Asheville, NC | 4.1% |
Hickory, NC | 5.4% |
Wilmington, NC | 4.7% |
It looks like Winston-Salem's predicted growth is in line with many other major cities in North Carolina, and even matches Greensboro, NC. It's not the highest growth forecast (Fayetteville leads with 6%) but is a strong contender with good and consistent growth.
Will Home Prices Drop in Winston-Salem? Will it Crash?
Based on the Zillow data and my own understanding of the market, I don't anticipate a major drop or a crash in the Winston-Salem housing market in the next year or so. There are no signs that suggest prices are expected to go down; instead, it looks like they’ll keep going up gradually. This is based on current data and economic trends, but things can always shift.
My Thoughts and Predictions
From what I have seen, it is more likely that we are heading towards a slow and steady appreciation rather than any kind of dramatic change in prices in the short term for Winston-Salem Real Estate. If I had to look further ahead, I would guess that the market is likely to continue growing at a moderate pace into 2026 as well, given that the economy remains stable and there are no major global shocks. I think Winston-Salem will become even more attractive to new buyers as they see its potential.
Remember, forecasts are just that – forecasts. Local market conditions, interest rates, and economic factors can all influence the actual trajectory. Staying informed about these trends and consulting with a qualified real estate professional will be crucial for navigating the Winston-Salem housing market in the coming months and beyond.