Greensboro Real Estate Market Insights – Key Trends and Statistics
Introduction
The Greensboro real estate market has been buzzing with activity over the past six months. With thousands of transactions taking place, buyers and sellers are navigating an ever-evolving landscape. From price ranges and neighborhood trends to insights on listing-to-sales price ratios, here’s everything you need to know about Greensboro’s real estate market in 2024.
Market Overview
Over the past six months, Greensboro has witnessed a robust real estate market:
Total Sales: 4,484 properties.
Average Sale Price: $336,674.
Median Sale Price: $310,000.
Days on Market: Properties sold in an average of 33 days, with a median of just 14 days. Homes are moving fast!
Top Zip Codes with Competitive Sales
Some zip codes stand out for their high listing-to-sales price ratio, reflecting strong demand and market alignment:
27048: Leading with an impressive ratio of 1.18, properties here sold significantly above their list price.
27017: With a ratio of 1.09, buyers in this area are keen to close deals quickly.
27316: Achieving 1.04, this zip code also sees competitive pricing.
Price Range Trends
Properties across price brackets showed interesting trends:
Homes priced between $150,000 and $250,000 saw the highest sales volume.
The listing-to-sales price ratio remained close to 0.98 overall, indicating that most properties sold close to their listing prices.
Average Days on Market by Price Range
Properties priced between $200,000 and $300,000 sold the fastest, averaging just 20 days on the market. Higher-priced homes, particularly those over $500,000, tended to linger longer before finding buyers.
Neighborhood Insights
Neighborhoods and subdivisions revealed diverse sales dynamics:
Top Subdivisions: Riley’s Meadows and Cadence saw the highest sales activity, highlighting their popularity among buyers.
Property Characteristics: Homes with three bedrooms and two bathrooms dominated sales, aligning with buyer preferences for family-friendly properties.
Spotlight on Zip Code 27048
Zip code 27048 emerged as a hotspot for competitive sales. Properties in this area achieved an average listing-to-sales price ratio of 1.18, showcasing high demand. Notable transactions included:
A 3-bedroom, 2-bathroom home on 1.05 acres listed at $386,000 and sold for $372,750, achieving a strong 0.97 ratio.
A 4.75-acre property listed at $325,000 exceeded expectations, selling for $326,500 with a 1.00 ratio.
This area’s mix of larger lot sizes and desirable configurations appeals to buyers seeking space and value.
Takeaways for Buyers and Sellers
Buyers: Focus on properties in competitive zip codes like 27048, but act quickly! Homes in Greensboro are selling faster than ever.
Sellers: Leverage strong market conditions by pricing properties competitively. Even higher-end properties are finding willing buyers if priced right.
Conclusion
The Greensboro real estate market in 2024 is dynamic and full of opportunities. Whether you’re buying your dream home or selling a cherished property, understanding these market trends can help you make informed decisions. Keep an eye on hot zip codes and competitive neighborhoods, and you’ll be well-positioned to succeed in this thriving market.
Ready to explore your options? Contact a me (336-999-9086) today to take the next step in your journey.
