The Greensboro actual property market is booming amid a pandemic
A new report from Construction Coverage found that Greensboro is currently the 19th hottest real estate market. Prices are expected to rise over the course of the year.
GREENSBORO, NC – New report shows Greensboro real estate market is booming.
Construction Coverage analyzed data from Zillow and identified the 95 largest real estate markets in the country. Greensboro is currently the 19th hottest.
According to the report, house prices rose 7.8% from 2019 to 2020. Analysts expect house prices in the Greensboro area to rise another 5.8% later this year.
Deborah Proehl-Moser, Triad real estate agent, says it is currently a seller’s market due to low inventory levels.
“If you have a good home to look after, the price range is between $ 175,000 and $ 300,000. You can sell your home in a day,” said Proehl-Moser.
The pandemic is also forcing some to flee major cities and states that have suffered economically from the stalemate.
“You see places like New York City, places like California in other cities like Chicago,” said Proehl-Moser. “The south is where they come. North Carolina is in the top five states in the nation that people are fleeing and coming to from these states.”
Historically, low interest rates have also attracted people who have been on the fence about buying a home.
Proehl-Moser says if you are planning to buy, be patient because it may take time.
And at this point, she says she doesn’t expect a housing crash in the Greensboro area, but that it could come sooner for cities like Raleigh and Charlotte.
According to Proehl-Moser, other industries see advantages due to a booming real estate market. Because homes sell so quickly, sellers have to reach out to rental companies while they wait to buy a new home. According to Porehl-Moser, storage and furniture companies are also seeing an increase in business.