There's a reason why an estimated 252,975 people live in Winston Salem, NC. In recent years, the city has become an innovation hub. And when you combine that with a flourishing downtown and a robust education system, it's easy to see why a lot of people want to live here.
The popularity of the city also represents a unique opportunity for real estate investors. However, if you're considering expanding your portfolio in the city, you must keep up with the local real estate market dynamics.
So what do you need to know to make wise investment decisions here in Winston-Salem? In this investment tips guide, we'll answer this question so you can decide if buying property in the city is right for you.
The City Is a Seller's Market
Like most of the country, Winston Salem is still firmly a seller's housing market. That means there is more demand than there is supply when it comes to housing in the city.
As such, home prices tend to be more expensive. However, there's good news for interested home buyers in the area. This past year, overall home prices have been dropping compared to previous years.
Winston Salem Has Been Steadily Growing
Over the past decade, Winston-Salem has been steadily growing in size. That's great market forecast news for potential investors interested in creating rental properties. There's no end in sight to the growing tenant pool.
Winston Salem Has a Slightly High Unemployment Rate
Winston Salem has an unemployment rate of 6.4%, which is around one percentage point more than the national average.
Real estate investors should take note of this because it means there will be a higher chance of a potential eviction situation if someone loses their job.
The good news is that parts of the city are thriving economically. So just make sure you do a thorough tenant screening before proceeding.
There Are Competitive Market Areas
Certain areas around Winston-Salem are more competitive in the real estate market than others. The downtown area is in high demand since it attracts many young people and working professionals.
The many community amenities of West Winston-Salem, as well as its access to downtown, also make it competitive. The location is the real advantage here. If you find a fixer-upper in these areas, you might consider real estate flipping.
However, if you find a fixer-upper in a less popular area of the city, you might want to think twice. A property market analysis can be helpful to learn about price real estate trends in the area.
Need Help Navigating the Real Estate Market? Contact PMI of the Triad
We hope this guide helped you learn more about real estate market dynamics in Winston-Salem. If you don't have much experience with real estate in the city, the key to a successful investment is to find a local expert.
At PMI of the Triad, we have over two decades of experience with real estate and property management. As such, we have a unique understanding of the ebbs and flows of the Winston-Salem real estate market. So if you need guidance, don't hesitate to reach out to us today.
