Home prices are higher in the Winston-Salem real estate market, whether we’re talking about homes for sale or homes for rent.
This remains a competitive market in the fall, and most experts believe that things will continue to be strong into 2023. While a lot of prices have peaked or even begun to drop in larger markets, Winston-Salem is still attracting buyers and renters who are willing to pay a bit more for the right home.
Let’s talk about what this means for you and your property.
Home Prices and Real Estate Values in Winston-Salem
In November of 2022, the median home price was around $270,000 in Winston-Salem. That’s the listed price. The median sales price was $253,000. The median number of days on the market was 45. This data points to the Winston-Salem real estate market as remaining a seller’s market.
If you have a home to sell, you’re likely to get pretty close to your asking price. You can expect a reliable pool of buyers, even with rising interest rates making mortgages more expensive.
According to the Zillow Home Values Index, property values in Winston-Salem have gone up more than 20 percent over the last year. That’s good news if you have a property that you’re thinking about selling or planning to hold onto for further appreciation.
Rental Market in Winston-Salem
What about the rental market?
It’s possibly even stronger and more competitive than the sales market. In Winston-Salem, we’re seeing a median rent of around $1,500. There’s a high demand for well-maintained rental homes in desirable locations. If you have a three-bedroom, two-bathroom home with a yard to rent out, you can count on a lot of competition from tenants to rent that property.
Several factors will contribute to the continued strength of our rental market. Inflation is driving up rental prices, and so is the demand for rental housing. The population of Winston-Salem is growing, and higher home prices are keeping a lot of renters in the market because they don’t feel like they can afford to buy.
We expect rents to stay high into 2023. If you’re thinking about selling your home, you might want to seriously consider the benefits of holding onto that asset and renting it out instead.
How to Buy a Home in Winston-Salem
What does this market mean for buyers?
It depends on what kind of buyer you are.
The higher interest rates will make your mortgage more expensive. It’s important to negotiate prices as much as you can when you’re purchasing a home. This will bring your payment down considerably. While it’s still a seller’s market, it has become more competitive for sellers, so you have a bit of room to negotiate. There probably isn’t a need to make an offer that’s higher than the listed price.
If you’re an investor looking for a profitable rental home, consider paying in cash. Usually, we recommend a loan to leverage what you’re earning on your investment property, but in today’s market, experts advise cash offers to make yourself more competitive and to negotiate the best possible deal.
We provide Winston-Salem real estate services to buyers, sellers, and property investors. We’d love to talk about what the fall and winter market predictions mean for you, specifically. Please contact us at Capstone Realty Consultants.