Great news for the Winston-Salem real estate market!
December 2020 saw a 10.4% annual increase in home prices across the country, according to the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic. The report was released on February 23, 2021, and covers all nine U.S. census divisions.
The U.S. National Index posted a 0.9% month-over-month increase before seasonal adjustment. After seasonal adjustment, the month-over-month increase came in at 1.3%. The trend of rising home prices began in June 2020 and has not waned since. Last year’s 10.4% gain “marks the best performance of housing prices in a calendar year since 2013”, said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones. “From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, December’s year-over-year change ranks within the top decile of all reports.”
As the COVID-19 pandemic forced the closure of offices and precipitated a shift to remote work for millions of people, the data appears to align with the view that more Americans have moved from urban apartments to suburban homes. In addition, mortgage rates have plummeted to record lows, driving the demand up.
In North Carolina, Charlotte saw a 10.2% year-over-year price increase, according to the same report. While the 20-city composite does not include Winston-Salem real estate, housing prices in the Triad city have followed the upward trend, finishing 2020 on a strong note.
If you have been considering moving up or downsizing your home, now may be the best time to list. When you are ready buy a property in Winston-Salem or the surrounding areas, The Sharpe Mortgage Team would be happy to discuss your homebuying options and work on a personalized plan to help make your lending experience stress-free. Call us today to set up an appointment!