August Winston-Salem Triad Residential Home Sale Report

Winston-Salem Triad Area August 2023 Home Sale Results

August 2023 closings of just over 2,000 homes were higher than the prior month, which is not unusual because real estate is seasonal and there is normally an increase in closings from July to August.

Closings were less than the prior year, however. This makes the 19th straight month that current month closings were lower than the prior year.

Are closings low because demand is low and people aren’t buying homes? Definitely not.

Demand is still high, but there's very little inventory for sale. There were a little over 3,000 homes for sale at the end of August. Month’s supply of inventory at the end of August was 1.8. Months supply of inventory is the theoretical number of months it would take to sell the inventory on hand.

A market balanced between buyers and sellers would have 5 to 6 months of inventory, which would be about 10,000 homes on the market.

That signals that the market will likely favor sellers for at least the next few years.

(Coverage area includes areas around Winston-Salem, Greensboro, and all the west to Elkin and Wilkesboro)