Lewisville-Clemmons Home Prices Continue to Rise
Our latest residential real estate market report is out for the Lewisville-Clemmons area. Home prices continue to rise as home inventory levels stay below average and interest rates creep lower. The median home price in Lewisville-Clemmons was $301,750 in July 2020, which is up over 10% from the median home price in July 2019. The median home sales price in our area year to date is $299,300, which is 9.8% higher than the period January thru July 2019.
The average home sales price in July 2020 in Lewisville-Clemmons was strikingly up 21.4% to $$350,616. That is up from $288,755 in July 2019. For the year, the average home price is $324,140, which is up 9.9% from $294,994 for the January thru July 2019 period.
Additionally, Days on the Market until sale rose slightly (12.8%) from 39 to 44 days. New listings were at 84, which is over 11% lower than July 2019. Year over year, new listings are down over 10% from last year). There are 121 total listings as of August 30, 2020. Pending Sales was also down 18%, while closed sales were up 10% Check out all of the stats below.
What is Causing Home Prices to Soar in Lewisville-Clemmons?
Several things are causing Lewisville-Clemmons area home prices to increase. First, Western Forsyth County is one of the most desirable areas in the county. It's an area with good schools, and a smaller town feel where most people are hoping to raise their families. Plus, you're still only fifteen minutes to Downtown Winston-Salem
Second, there just aren't enough homes for sale. This has been a continued discussion over the last few years. July 2020 saw Lewisville-Clemmons inventory of homes for sale fall to 150, which is a decrease of over 28% from the previous July. This means there are only 2.2 months supply of inventory, which is well below balance making it a strong sellers' market. Fewer new listings in July, mentioned previously, doesn't help.
Thirdly, the Millenials are at the prime home buying age. Many of the home sales today are in the Millenial age range. Millenials are one of the largest generations since the Baby Boomers. So again, supply and demand. Lots of people trying to buy the few houses on the market for sale.
Finally, interest rates, which were already at rates that seem couldn't go any lower...are going lower. So, even in a Pandemic, the Lewisville-Clemmons residential real estate market has been 🔥🔥🔥. This is mostly due to the Fed propping up the economy with an unlimited supply of dollar bills. All this means our hard earned money is worth less and less. It's really just simple supply and demand. The greater supply of dollars means they are worth less since supply and demand have inverse relationship. Or you could say that an oversupply of dollars is devaluing the dollar. As a side note, finding alternative sources to fight inflation is key to your long-term financial success. Even Warren Buffet is saying to consider gold or crypto currencies like Bitcoin to hedge inflation. Not to rabbit trail too far, but one of the largest financial companies in the world, Fidelity, is recommending Bitcoin for their clients in a recent 19-page Bitcoin Investment Thesis report.
Showing Volume in Lewisville-Clemmons - July 2020
Showings have increased in the Triad over 50% from last year, which again confirms the hot market. This index means that the average home listed for sale on the Triad MLS is getting more buyer traffic. Clemmons had a total of 1,457 showings or 11.8 per listing. Lewisville had 689 showings or 10.5 per listing in July, 2020. If you see any home on our website that you are interested in seeing, you can schedule a showing or virtual tour from the home's listing page.
Showings to Pending in Lewisville-Clemmons - July 2020
Are You Thinking About Buying or Selling a Lewisville-Clemmons Home?
With all the talk about soaring home prices and low housing inventory, it's still a fantastic time to buy or sell your home right now. Will Lewisville-Clemmons home prices go higher? Most likely. Historically, home prices have risen fairly steady with a few dips along the way. With the current COVID situation, we could fall into a more serious recession. Who knows at this point. But over most any ten year period, home prices will be higher than before. There's a good chance if you bought over the last several years, you have equity and could make money selling your home. With these even lower historical low interest rates, you could get waaayyyy more house than you could even a year ago.
Obviously, we had a real estate bubble during the Great Recession of 2008-2011 and home prices fell. But we have more than recovered those fallen prices as you can see in the Case-Schiller Home Price Index chart below. Is a home an investment? Of course it is. But it's also "home". A home where you rest, relax, grow, raise a family, and make memories. So, a home's value might fall...maybe...but there's a much larger chance the value goes up. And you get to enjoy all of the benefits of owning that home along the way.
Should I Buy or Sell a Lewisville-Clemmons Home Right Now?
Is it a good time to buy or sell? We believe without a doubt it is. However, that being said, it might not be the right time for you. If you are thinking about buying or selling a Lewisville-Clemmons area home, we should have a ten minute initial consultation in person or via video chat to see if you should move or just stay put for now. Find out what makes us different, learn about our performance guarantees and how we massively benefit buyers and sellers...just like you. Call or text us today 336.462.9544. We're here to help you get what you want!
Tony & Kim Green work together as the Green Team Realtors