Our Real Estate Market in Davidson County and the surrounding Triad Piedmont Area is still in a Seller’s Market. Our supply is still not outpacing present buyer demand. The healthy economic conditions in the United States is encouraging homeownership. First-time buyers who have been on the fence want to purchase a home before the mortgage interest rates and home prices increase further. Here is a video of the statistics on the National Real Estate Market from the National Association of Realtors.
Davidson County Stats in the 3rd Quarter 2018
This shortage of housing inventory for sale across the country is the biggest challenge for the real estate market to return to a balanced marketplace. A normal market would see a six-months supply of available homes for sale. Currently, the number is below 4 months and lower in some areas across the country. As seen in the chart below, Davidson County has a 3.8 months supply of single family homes inventory. This basic economic principle of supply and demand is the reason home prices have continued to rise. Some good news is that homebuilders are beginning to shift their focus away from the luxury homes and starting to build homes for the first time buyer market where there is the greatest buyer demand.
Months Inventory for Single Family Homes
From July thru September, the 3rd Quarter of 2018, 515 Single Family Homes closed in Davidson County which was 2.2% higher than the 3 quarter in 2017 at 504 homes. The inventory of available single-family listings is at 569 properties down from 609 homes in the 3rd quarter of 2017. Our available inventory supply is at 3.8 months. Our Median Sale Price is $169,945.
Single Family Homes Available for September 2018
Median Sale Price for Single Family Homes
Here are a few numbers to show how fast homes have been selling in our market. These figures were taken from the Triad MLS on October 11, 2018. In the last six months, 995 single family homes closed. Of that number, 580 properties were under contract within 30 days and 368 of them were under contract within 10 days of being listed. The first time buyer price range of $100,000 to $200,000 had the most closings at 250 homes. This buyer demand is causing homes to sell quickly with multiple offers on the table. Our supply of homes is still not keeping up with buyer demand. On the upside, builders are starting to build for the first time buyer market where buyer demand is the greatest.
New Construction of Single Family Homes in Davidson County
On October 16, 2018, there were 101 new construction homes listed as active. In the price range of 100-200K, there are 34 homes for sale. Here is a price range breakdown of the new construction in the county.
[ox_table]| Price Range | Number of New Homes for Sale |
|---|---|
| $100K – $150K | 27 homes |
| $150K – $200K | 17 homes |
| $200K – $300K | 10 homes |
| $300K – $350K | 21 homes |
| $350K – $400K | 18 homes |
| $400K above | 7 homes |
Browse New Construction for Single Family Homes Priced from $100,000 to $200,000
Townhouse Stats for 3rd Quarter 2018
In looking at the townhouse market for the 3 quarter of 2018, 53 homes sold the same number as in 2017. Current inventory is 38 townhomes with a 2.4 months supply. Median sale price is $134,990.
In summary, Buyers in this market need to be pre-approved in advance by their lender. This preapproval will signal to the sellers that you are a serious buyer and ready to purchase. You also need to act fast when a new listing comes on the market and be ready to make a decision. Make sure you make a solid offer with as few contingencies as possible and be prepared to negotiate.
Sellers still hold the upper hand in the buyer-seller relationship here. One trend in Davidson County is that move-up buyers are purchasing their new home before they put their present home on the market for sale. They want to make sure they have already found and closed on their new property.
