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Greensboro Real Estate Market Conditions – August 2013

GSO_RE_MKT_Aug_2013

The real estate market in Greensboro NC continues to show signs of improvement with 450 homes exchanging hands in August, up 1.1% from the month of July and a whopping 28.6% above August of 2012. 

The average price of a home sold in Greensboro was up 0.9% and has risen over 9% in the last year, averaging $168,774.  

Over the last 12 months, time on the market has fallen to just under 90 days on average and, good news for Sellers, there is less discounting evident with sellers taking an average of a 5.3% discount off their asking price.

Overall, inventory levels are falling indicating a growing equilibrium between buyers and sellers at most price points.  The exception to this statistic is with luxury homes here the inventory to sales ratio is substantially higher.  As an example, for homes priced over $500,000 the ratio is 12.1 months versus the current average of 5.2 months!

If you have any questions about the state of our local real estate market here in Greensboro, please contact us.  We love talking real estate!

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