Kernersville Market – 3rd QTR 2020

The Average Sales Price for Single-Family Homes in this market is $ 264,574.  This is an increase of +10.6% from the 3rd QTR in 2019.  For Townhome Listings, the Average Sales Price is $215,217.  This is an increase of 31.7% from the 3rd QTR in 2019.

At the end of the 3rd QTR 2020, there are 225 Single-Family homes and 36 Townhomes pending in Kernersville, NC.

Inventory at the end of June, there are 83 Single-Family Homes and 25 Townhomes still available for sale.

In the 3rd QTR 2020, Sellers were receiving 100.7% of their list price for Single-Family Homes and 100.3% of their list price for Townhomes.

In the Kernersville Real Estate Market, the economic principle of Supply is the available Inventory of Homes for Sale and Demand is the Number of Active Buyers in the market.

This heavy buyer demand and the inventory shortage have created multiple offers and driven up home prices.  We will continue to be in a Seller’s Market until the supply of homes comes back to more normal levels.

Below are 2 interactive charts showing the Inventory of Homes and Median Sales Price for Single-Family Homes in Kernersville, North Carolina.  You can scroll over the charts to see monthly data points.  As you can see, the supply of homes has been shrinking drastically, especially in the last five years because of buyer demand.

Inventory Levels

Median Sales Price

A total of 281 Single-Family properties closed during the 3rd QTR in 2020.  This is a slight increase of +2.9% from 2019 when there were 273 closings.

A total of 38 Townhomes closed during the 3rd QTR in 2020.  This is a slight increase of +2.7% from 2019 when there were 37 closings.

Of the Single-Family Homes closed, 76% were under contract the first 30 days on the market. The most active price point is in the $200,000 to $299,999 range which made up 43% of the closed properties in the 3rd QTR 2020.

Analysis of the absorption rate indicates an inventory of 1.1 months for Single-Family homes and 2.4 months inventory for Townhomes in the Kernersville Real Estate Market.

Lakeside at Caleb’s Creek is located off of Watkins Ford Road in Forsyth County in Kernersville, North Carolina.  Construction began in 2020.  Most of the listings presently available are 2 stories featuring 3 or 4 bedrooms with 2 car garage spaces.

The typical lot size is .21 acres.  Total living space ranges from 1,800 sq. ft. up to 3,000 sq. ft.

Schools serving the community are Caleb’s Creek Elementary, Southeast Middle School, and Glenn High School.

List prices range in the low to high 300K range depending on the home’s features and size.

There is a Homeowner’s Association.  There are two HOA fees each $50 paid monthly.

You might like to view the earlier reports from this year for the Kernersville Real Estate Market.

The Average Sales Price for Single-Family Homes increased 10.6% from the 3rd  QTR in 2019.  The Average Sales Price for Townhome Properties increased by 31.7% from the same time period in 2019.

Closings of Single-Family Homes increased 2.9% and Townhomes increased 2.7% from the 3rd QTR 2019.  Inventory levels in all price ranges remains tight.