GREENSBORO, N.C. — The housing market heated up over the past couple of years, but analysts say it's cooling down.
It doesn't appear to be the case for the piedmont triad.
THE QUESTION
Is the housing market cooling down across the country?
THE SOURCES
- Mike Carter, Realtor with Keller Williams ONE
- The National Association of Realtors
- Redfin Brokerage
THE ANSWER
Yes, the housing market is cooling down.
WHAT WE FOUND
In 2020, the housing market boomed. Mike Carter says it's all about supply and demand. Mortgage rates fell dramatically that year and lots of people were taking advantage of those low prices, so demand was up.
"In the heat of things some sellers would come to you they want to get top dollar for their property obviously they want the most money that they can get in so if they want X number then you can throw it out there for that crazy number and more than likely you're going to have people coming in and paying that or offering beyond that but now we just had to have conversations with sellers to not price aggressively," Carter said.
July data from the National Association of Realtors shows existing homes ales were down about six percent from June and 20 percent from just a year ago.
A post from a local realtor tells a different story. Divya Bhagat says this home was listed for just 33 hours, had multiple offer, then quickly sold. Carter says the triad market is still doing pretty well.
"Supply is still so high it still hasn't affected us how is it affected other areas but we have so much job growth around the triad from the mega site and boom supersonic and everything around here is poised to keep rolling for a while," Carter said.
It sounds good, but Carter says it isn't as great as it used to be.
According to Redfin, Greensboro homes are selling after only 20 days on the market which is about the same as last year's hot market.