February 2024 Triad Real Estate Market Report

The Triad includes the areas around Winston-Salem, Clemmons, Lewisville, Advance, Mocksville, Greensboro, Yadkinville, Elkin, and the Wilkesboro’s

- Spring Hike -

Before it started getting too warm, Blue and I went on our spring hike in the Doughton Park Trail System. Starting from the trailhead off Longbottm Rd in Wilkes County, we ended up hiking 15 miles, and 4700 feet in ascent. It's always a great hike, and I could feel it the next day, but all body parts seemed to still be functioning.

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February Real Estate Market Stats

Closings were greater than the prior year, after going 24 months in a row of being lower.

I was a bit surprised to see days on market increase, but it wasn't significant, and I still expect it to drop significantly by mid-year.

The number of homes for sale increased, but it's still very low, and the market is still balanced very much in favor of sellers, so it is likely that prices will continue to increase.

Closings Above, At, or Below List Price

Over a recent 30 period, for homes that went under contract during the first weekend, 46% settled above list price, and 23% settled at list price for the Triad overall

For closings that went under contract AFTER the first weekend (on the market for 6 days or more), only 11% closed above list price.

If you wish to avoid bidding wars on a home, it would be smart to focus on homes still available after the first weekend.

Looking Further Back

The housing bubble burst at the end of 2008. There were over 13,800 homes for sale in February of 2008, compared to just over 3,300 in February 2024.

In a market balanced between buyers and sellers, there should be about 5 to 6 months supply of inventory. 2016 was the last time the area market was balanced.

If you follow the trend from 2016 until now, you can see inventory steadily fall and prices steadily rise.

Longbottom Rd Trailhead

For those who have never been, the trailhead is on Longbottom Rd in Wilkes County 8 miles from Traphill Rd. There are different trails leading up to the parkway, but if you don't feel like a strenuous hike, there are several miles of easy hiking along Basin Creek, and it's just gorgeous.

Blue and I went up Cedar Ridge, and then along the parkway on Bluff Mountain Trail, before heading back down Bluff Ridge Trail. I suggest making it out there before it gets too hot and the mosquitos get too bad.