Enjoy this Davidson County Market Report for May 2020 in Davidson County, North Carolina. Compare new listings and closed sales from 2019 to see what effects COVID-19 has had on real estate transactions.
May 2020 Real Estate Statistics
For Davidson County, NC
At the end of May 2020, there are 128 Single-Family Homes and 11 Townhome listings pending in Davidson County, North Carolina. Inventory of Homes at the end of May 2020 is 376 Single-Family Homes and 27 townhomes still available for sale.
The Average Sales Price for Single-Family Homes at the end of May 2020 is $ 208,594. This is an increase of 11.5% from the end of May 2019. The Average Sales Price for a Townhome listing is $ 224,653, an increase of 23.7% from May 2019.
Our Home Prices have not decreased because of COVID-19. This is due to the still high demand for housing and the limited supply of homes for sale. It will continue to be a Seller’s Market.
Newest Listings in Davidson County
A good way to get a feel for how much the COVID-19 virus has affected our local real estate market in Davidson County, North Carolina is to look at the number of homes listed and sold each month compared to previous years. The figures for the individual months of April and May show that the virus has had an impact but not as drastic as other areas in the country. Our area is also showing signs of recovering quickly.
Before the virus arrived, the biggest challenge our market had to deal with was the severe shortage of inventory of homes for sale, particularly in the first-time buyer’s price point.
Davidson County New Listings & Closed Sales
| Month | Number of New Listings | Sales, Number of |
|---|---|---|
| Jan 2019 | 125 | 104 |
| Feb 2019 | 134 | 112 |
| Mar 2019 | 165 | 141 |
| Apr 2019 | 168 | 135 |
| May 2019 | 192 | 172 |
| Jun 2019 | 159 | 181 |
| Jul 2019 | 179 | 180 |
| Aug 2019 | 180 | 180 |
| Sep 2019 | 167 | 149 |
| Oct 2019 | 157 | 164 |
| Nov 2019 | 139 | 147 |
| Dec 2019 | 85 | 144 |
| Jan 2020 | 191 | 135 |
| Feb 2020 | 142 | 138 |
| Mar 2020 | 200 | 155 |
| Apr 2020 | 143 | 158 |
| May 2020 | 176 | 151 |
Time frame is from Jan 2019 to May 2020
Lexington Homes under 400K
Closed Homes and Month Supply in May 2020
A total of 157 Single Property Homes closed in May 2020. This is a decrease of 15.6% from April 2019 when 186 listings sold.
In May 2020, there were 14 Townhomes closed. This is an increase of 16.7% from May 2019 when only 12 Townhomes closed.
Analysis of the absorption rate indicates an Inventory of a 2.3 months supply of Single-Family Homes. This is a 30.3% decrease from May 2019 when there was a 3.3 month supply.
Inventory in May 2020 for Townhome listings is a 2.1 month supply. This is an increase of 10.5% from May 2019 when there was only a 1.9 month supply.
The two charts below compare inventory figures for all residential properties in the Triad Multiple Listings Service, Davidson County, and Forsyth County for the past three years.
Months Supply & Residential Inventory
10 Year Median Sales Price & Average Sales Price
Figures for Single-Family Homes in Davidson County, NC
| Primary Year | Sale Price, Median | Sale Price, Average |
|---|---|---|
| 2010 | $120,000 | $138,754 |
| 2011 | $115,000 | $135,040 |
| 2012 | $110,000 | $128,485 |
| 2013 | $119,000 | $136,701 |
| 2014 | $121,000 | $143,804 |
| 2015 | $132,500 | $151,235 |
| 2016 | $138,900 | $160,615 |
| 2017 | $148,725 | $171,175 |
| 2018 | $152,043 | $175,482 |
| 2019 | $160,000 | $185,363 |
| 2020 | $164,900 | $187,060 |
Time frame is from Jan 2010 to May 2020
Summary
Buyers have returned in force to the housing market. Sellers have shown a bit more reluctance to list their homes than we usually see during this time of year. New listings deceased in the months of April and May from prior years. However, homes have still gone under contract and closed. At the start of the outbreak, we were already experiencing a severe shortage of inventory.
Real estate is expected to continue to improve in the coming weeks. Mortgage rates have been below 3.3 percent for more than four weeks causing a lot of buyers to enter the market. Buyers will have to be patient with the tight inventory levels and be ready to take action when a new listing comes on the market.
Request More Information
