The bad news is that the national average in this same time is over $14,000. The good news is that total equity is up almost $12,000 from the same time last year. For the Winston-Salem housing market, it is a case of both good and bad news. The amount of equity gained with a property is a good representation of the growth of a local real estate market.
However, in relation to where the market was five years ago, the growth is modest at best. On paper, these can be viewed as signs of major recovery. Over a three year average, appreciation in the Winston-Salem real estate market is up over 16 percent. This number represented an 8.1 percent increase over last year. The Winston-Salem real estate market, on the other hand, had a median home price of $134,500. Last quarter, the national median average sales price was $208,067. North Carolina has long been known for its reduced cost of living. The fact that Winston-Salem real estate lags behind the national market in terms of median sales price should not come as a surprise. Either way, with the cost of living and a picturesque landscape, the Winston-Salem housing market is poised to see a major uptick in the near future. That spark may come in the form of new mortgage guidelines or a focus on building the local buyers’ market. There are some promising signs, but the market is in need of a spark. While things have stabilized over the past three years, the expected growth has not come as quickly as some had anticipated. The Winston-Salem real estate market, in many ways, mirrors the national market.
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