Market Report – 2nd QTR 2022

Single Family Homes Statistics

At the end of the 2nd QTR 2022, there are 672 Single-Family Homes pending.  This is a slight decrease of -2.6% from the 2nd QTR in 2021, when there were 690 listings pending.

During the 2nd QTR 2022, 888 Single-Family Home listings came on the market.  This was an increase of +17.8% from the 2nd QTR in 2021, when there were 754 new listings.

At the end of the 2nd QTR 2022, the number of Single-Family Homes for Sale is 330 properties.  This is an increase of +63.4% from the 2nd QTR in 2021, when there were 202 homes available for sale.

The chart shows stats on the Inventory of Homes for a 3 year period in Davidson County for the cities of Lexington, Thomasville, and Denton.

This chart displays Days on Market for a 3 year period in Davidson County for the cities of Lexington, Thomasville, and Denton.

During the 2nd QTR 2022, 665 Single-Family homes closed, which is an increase of +7.1% from the same time period in 2021.  Sellers are receiving 101.1% of their list price.

The Median Sales Price for Single-Family homes in the 2nd QTR 2022 is $270,000, which is a +22.7% increase from the 2nd QTR in 2021 when the Median Sales Price for Single-Family homes was $220,000.

The Average Price for Single-Family homes in the 2nd QTR 2022 is $290,382, which is a +14.9% increase from the 2ndt QTR 2021 when the Average Sales Price for Single-Family Homes was $252,674.

Of the single-family homes closed, 84% were under contract within the first 30 days on the market.   The most active price range were homes priced from $200,000 up to $299,999, which made up 33% of the homes closed.  The second highest price range were homes priced from $300,000 up to $399,999, which made up 26% of the home closings in the 2nd QTR 2022.

Analysis of the absorption rates indicates an inventory of 1.5 months for Single-Family homes.  Most properties are going under contract within 17 days.

Below is a chart showing Median Sales Price and Average Sales Price for single-family Homes in Davidson County by year from January 2017 through August 2022.

Townhome Statistics

At the end of the 2nd QTR 2022, there are 26 Townhome Listings pending.  This is a decrease of -38.1% from the 2nd QTR 2021, when there were 42 Townhome Listings pending.

During the 2nd QTR 2022, 38 Townhome Listings came on the market.  This is a decrease of -13.6% from the 2nd QTR in 2021, when 44 Townhome listings came on the market.

At the end of the 2nd QTR 2022, there are 13 Townhomes for sale, which is a increase of +18.2% from the 2nd QTR in 2021 when there were 11 townhomes for sale.

During the 2nd QTR 2022, 33 Townhome Listings closed, which is a decrease of -8.3% from the 2nd QTR in 2021 when 36 townhomes closed.   Sellers are receiving 102.3% of their list price.

Median Sales Price for Townhomes in the 2nd QTR 2022 is $295,0000, which is an increase of +57.4% from the 2nd QTR 2021, when the Median Sales Price was $187,450.  The Average Sales Price for Townhomes in the 2nd QTR 2022 is $305,877, which is an increase of +26.2% from the 2nd QTR 2021, when the Average Sales Price for a Townhome was $242,464.

Analysis of the absorption rates indicates an inventory supply of 1.2 months for Townhome Listings.  Most properties are going under contract within 9 days.

For Buyers

• Talk to a local lender and get pre-approved so that you know what price range you can afford.
• Inventory levels will remain tight in 2022 in all price ranges.
• Homebuyers will need to make their offers stand out.
• Be available to view a new listing as soon as it comes on the market.
• Limit the number of contingencies in your Offer to Purchase.
• Continue to save and pay off existing debt.

You might also enjoy reading my post on Multiple Offers:

For Sellers

• With low inventory, there is less competition among listings for buyer’s attention.
• Talk to your listing agent in advance on how to handle multiple offers.
• If financially possible, buy your next property before you list your present home.

You might also like to read earlier Market Reports.

Davidson County NC Stats

New Single Family Home Listings increased by +17.8% and Townhome Listings decreased by -13.6% in the 2nd QTR 2022 in Davidson County from the previous year.  Pending Sales decreased by -2.6% for Single Family Homes and Pending Sales decreased -38.1% in Townhome Listings.   Closed Sales for Single Family Homes increased by +7.1%.  There was a decrease of -8.3% for closed Townhome properties.  Prices are still rising because of the severe inventory shortage.

The Median Sales Price for a Single-Family Home was $270,000.  This is an increase of +22.7% from the 2nd QTR in 2021.  The Average Sales Price for a Single-Family Home was $290,382 at the end of the 2nd QTR 2022.  This was a +14.9% increase for the 2nd QTR in 2021.

The Median Sales Price for a Townhome was $295,000.  This was an increase of +57.4% from the 2nd QTR 2021, when it was $187,450.  The Average Sales Price for a Townhome was $305,877.  This was an increase of +26.2% from the 2nd QTR 2021, when it was $242,464.

Sellers are receiving 101.1% of their List Price for Single Family Homes and 102.3% for Townhome properties.  Inventory levels of Homes for Sale increased by +63.4% from 2021 levels for Single-Family Homes and increased by +18.2 for townhome listings.  At the end of the 2nd QTR 2022, 330 single family homes were available and 13 townhomes.  Homebuyers will continue to be challenged by the low inventory levels.