The Winston Salem, NC real estate market report is an overview of the Winston Salem local real estate market. This report is compiled information available.
The city of Winston-Salem, which locals refer to as Winston, is a region in North Carolina that still maintains its Southern roots, while celebrating diversity through its various events, such as the mid-May Greek Festival. The city is culturally diverse, with a high average number of international citizens who share their traditions with the rest of this community in Forsyth County. Even the restaurants in the Dash are diverse, serving not only traditional dishes like the North Carolina barbecue, but also offering international cuisines, such as Indian curries and Greek pastries.
In terms of population, the most recent statistical data show that Winston-Salem has a total population of 240,193. The Twin City’s population is relatively young, with a large number of students enrolled in the metro area’s higher education institutions. Unlike other larger metro areas in North Carolina, such as Charlotte, Raleigh, and Durham, this city has not seen a huge population boom over the years. This slow and steady growth is key to preserving the city’s small-town feel while allowing for improvements, such as reconstructing old textile and tobacco factories into loft apartments. Let’s take a close look at the region’s real estate market.
Winston-Salem Real Estate Market Report
Homes for sale in Winston-Salem, NC typically receive two offers. Most homes sell for about 2% below the list price and go pending in around 35 days, while hot homes can sell for about 1% above the list price and go pending in around 24 days. In August 2019, home prices in the Twin City averaged $172,000 or $96 per square foot. The median home value, on the other hand, is $159,246 which is near the national average for all cities and towns.
The most common type of housing in Winston-Salem are single family detached homes, which make up 61.94% of the city’s housing units. Other types of housing that are prevalent in this area are:
- Large Apartment Complexes or High Rise Apartments (24.80%)
- Duplexes, Homes Converted to Apartments or Other Small Apartment Buildings (6.19%)
- Row Houses and Other Attached Homes (4.68%)
In terms of size, most homes have three or four bedrooms. The city is almost equally split between homeowners and renters, with 54.46% of residents owning homes and 45.54% renting.
Going around the neighborhoods in Winston-Salem, you will see that a lot of homes have the ‘70s and ‘80s vibe, as most homes were built were built from 1970 to 1999. Only 17.92% of homes were constructed from the year 2000 onwards. Around 11.42% of homes in the Dash are classified as vacant.
Real Estate Appreciation Rates in Winston-Salem, North Carolina
The annual real estate appreciation rates in Winston-Salem, North Carolina have been quite strong, appreciating in value faster compared to most communities despite a nationwide downturn in the housing market. Looking at the last twelve months, Winston-Salem appreciation rates continue to be some of the highest in the United States, at 8.86%. This rate is relatively higher than the appreciation rates in 86.71% of the cities and towns in the entire nation. Short-term real estate investors are happy with their properties in Winston-Salem, so far, especially with the appreciation rates in the latest quarter at 2.55%, which equates to an annual appreciation rate of 10.62%. Relative to the whole state of North Carolina, the Twin City’s latest annual appreciation rate is higher than 80% of the other cities and towns in the state.
Why Move to Winston-Salem, North Carolina
The twin city of Winston-Salem in North Carolina is an amazing place to relocate to. Here, one can enjoy big-city amenities in a place that’s small enough to make your mark. There’s never a dull moment in Winston-Salem, with its plethora of sports, activities, entertainment, and community events in more than 3,500 acres of parks and recreation and 25 miles of greenways and trails. The cost of living in this city is also very appealing, with an overall index of 86.6, much lower than the state index of 96.2. Also, compared to other major metros, housing here is much lower, at an index of 68.8, whereas the state housing index is 91.7.
There are many reasons why people prefer to move to Winston-Salem, North Carolina, and one of these is its beautiful neighborhoods like Buena Vista. The Twin City is ideal for families because of its excellent school districts and several interesting places to go visit. For arts enthusiasts, there’s the MESDA (Museum of Early Southern Decorative Arts), SECCA (Southeastern Center for Contemporary Art), Reynolda House, and Diggs Gallery. Bailey Park, an urban green space in the Innovation Quarter of downtown Winston-Salem where you can enjoy lunchtime events and lots of food trucks, is welcome to the public all year round.
Speaking of food, the Dash boasts of numerous places where you can indulge, from barbecue smokehouses to more contemporary fine-dining establishments. In the downtown area, you can find more than 75 restaurants and 30 bars and breweries. Throughout the town, you can find everything, from family-owned restaurants to fine dining venues. Aside from being the home of Krispy Kreme, Winston-Salem is also where the Tavern in Old Salem can be found. This restaurant was built in 1816 as an annex to the historic 1784 Tavern in Salem. Today, it serves some of the outstanding dishes inspired by the family menus back in the 19th century. Sweet Potatoes, located in the Downtown Art District, serves deliciously unique, Southern-inspired food. And just outside Winston-Salem, wine lovers can take a short commute to the Yadkin Valley Wine Country region, which is home to over 70 wineries.
Indeed, this wonderful location has so much to offer. So, if you’re in the market to buy a home in Winston-Salem, let me know! I will be more than happy to show you all the best housing options for you. Just give me a call at 336.978.4745 or send me an email at [email protected] if you have any questions or if you would like to schedule an appointment.