If you were thinking about selling your house, there may never be a better time, and if you’re thinking about buying you may want to move fast.
According to the Greensboro Regional Realtors Association (GRRA), housing inventory is hitting new lows, which means houses are selling fast.
In February 2021, there was only a 0.8 month’s supply of housing inventory according to the Triad Multiple Listing Service (MLS).
A 0.8 supply of housing inventory means that if no new homes went on the market, all the homes on the market would be sold in less than a month.
Just a year ago, in February 2020, there was a 1.9 month’s supply of housing on the market, so the supply has fallen in the past year by about 58 percent.
In a press release, GRRA President Heather Dodson said, “Inventory is very low, which is causing multiple offers on many properties and pushing them over the list price.”
Dodson said that there is a rush to see homes because they are selling so fast, and that a newly listed home can get dozens of offers in just a few days.
In February, there were 256 homes for sale in Greensboro, which was down from 490 in February 2020.
The average home in Greensboro sold in in 24 days in February of this year, which is a drop from 50 days in February 2020.
The short housing supply is not unique to Greensboro. Neighboring counties are experiencing the same shortage in homes for sale. Randolph County had 0.9 months of inventory available in February, a drop from 2.1 months in February 2020. Homes in Randolph County sold on average in 30 days in February versus 47 days in February of last year.
Rockingham County had a slightly higher housing inventory with 1.3 month’s supply in February, but still a considerable drop from 2.8 month’s supply in February 2020. In Rockingham County, homes sold on average in 29 days compared to 72 days for the same period last year.