The housing market in Greensboro, NC and across the Piedmont Triad is booming amid the ongoing pandemic. According to the Construction Coverage’s report released earlier this year, Greensboro is currently the 19th hottest market in the country. Home prices in the area have increased by 7.8% from 2019-2020 and are expected to go up by another 5.8% this year alone.
Researchers at Construction Coverage analyzed data from Zillow and created a composite score of each city based on metrics such as previous 1-year change in home price, median price cut, median days on the market, and projected 1-year change in home price. The findings align with the Case-Shiller Home Price Index from S&P Dow Jones Indices and CoreLogic that prices have been on the rise across the Piedmont Triad, as we covered in early March.
Factors driving the increase include historically low mortgage rates, lower inventory, and an increased need for larger spaces to accommodate parents working from home and children attending school virtually. In addition to the shift in workplace conditions triggered by the pandemic, the report appears to reaffirm the longstanding trend of Americans moving to the South in search of jobs and more affordable housing.
North Carolina is one of the top states nationwide for inbound migration. This popularity reflects in the Construction Coverage’s rank as well, as all major North Carolina cities – Greensboro, Raleigh, Charlotte, and Winston-Salem – ranked in the top 30 for Hottest Real Estate Markets.
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Are you considering relocating to the Piedmont Triad? 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!