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Winston-Salem, NC housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $159 | $164 | $178 | $180 | 11.2% | 3.1% | 8.5% | 1.1% | |
| Active Listing Count | 1,038 | 1,182 | 1,495 | 1,900 | 49.1% | 13.9% | 26.5% | 27.1% | |
| Median Days on Market | 58 | 51 | 60 | 53 | 11.5% | -12.1% | 17.6% | -11.7% | |
| Share of listings with price increase | 1.5% | 1.9% | 1.3% | 0.9% | |||||
| Share of listings with price decrease | 9.3% | 12.1% | 15.4% | 18.5% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Winston-Salem, NC MSA Overview and Included Areas
- The Winston-Salem MSA (Metropolitan Statistical Area) includes Forsyth County and surrounding counties such as Stokes, Davie, Yadkin, and portions of others, with a total population of approximately 705,187 as of 2024 estimates.
- Core city is Winston-Salem in Forsyth County, population 255,769 (2025 projection), serving as the county seat and economic hub.
- MSA spans about 2,009 square miles with a density of 346.3 people per square mile.
- Key geographic regions: Central urban core (Winston-Salem), northern rural areas (Stokes County), western suburbs (Lewisville, Clemmons), eastern townships (Walkertown, Kernersville).
| Area | City/Town | Population | Density | Income (high/low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Central Forsyth | Winston-Salem | 255,769 | 1,846/sq mi | Median $57,673 | 4-8 | Moderate-high | 0.78% | Urban core, diverse population 48.7% White, 32.4% Black |
| West Forsyth | Clemmons | 21,000 | 1,200/sq mi | High, median $85,000 | 7-9 | Low | 0.75% | Suburban, family-oriented |
| North Stokes | King | 7,000 | 500/sq mi | Low-median $52,000 | 5-7 | Low | 0.65% | Rural, manufacturing base |
| East Forsyth | Kernersville | 26,000 | 900/sq mi | Median $65,000 | 6-8 | Moderate | 0.80% | Growing suburbs, near Greensboro |
| West Davie | Advance | 5,000 | 300/sq mi | High $90,000 | 8-10 | Very low | 0.70% | Affluent lakeside community |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- MSA median household income around $65,000, with per capita income $41,417 in Winston-Salem core.
- Poverty rate 17.9% in Winston-Salem, lower in suburbs at 10-12%.
- Median age 39.6 years MSA-wide, 35.6 in Winston-Salem.
- Education: 32% bachelor's degree or higher in MSA; Winston-Salem at 28%, higher in suburbs like Clemmons (45%).
- 23.9% under 18, 13.7% over 65 in city; MSA has 152,169 youth, 134,587 seniors.
- Racial diversity: 65% White, 17% Black, 11% Hispanic MSA-wide.
Key Economic Sectors
- Healthcare and education dominate, with Wake Forest Baptist Medical Center employing over 15,000.
- Manufacturing, especially pharmaceuticals (Novartis, Taro) and tobacco legacy (Reynolds American).
- Logistics and distribution due to I-40 corridor position in Piedmont Triad.
- Financial services and biotech emerging from university research.
- Retail and food processing support local employment; unemployment 4.6%.
- Population growth 0.96% annually drives service sector expansion.
Housing Buying Market: Supply Drivers
- Zoning openness moderate; Forsyth County allows mixed-use in urban zones, restrictive in rural Stokes.
- Regulatory strictness average; permitting timelines 3-6 months, environmental reviews for flood-prone Yadkin areas.
- Construction workforce cost low-moderate; labor shortage pushes wages up 5% yearly.
- New permits issued: 2,500 units annually MSA-wide, focused on suburbs.
- Land availability high in northern counties, limited in central Winston-Salem.
- Impact fees $5,000-$10,000 per unit, lower than coastal NC areas.
Housing Buying Market: Demand Drivers
- Net migration positive +5,000 yearly, drawn by affordability vs. Charlotte/Raleigh.
- Growing industries: Healthcare +3% jobs, biotech from Wake Forest innovations.
- Remote work influx post-2020 boosts suburbs like Kernersville +10% population.
- Declining: Traditional tobacco/manufacturing -2% jobs, shifting to logistics.
- Young professionals (30-39 age group 89,948) drive urban rentals.
- Retiree migration to Davie County lakes for low taxes.
Key Challenges on the Housing Market
- Inventory shortage: 3-month supply, median days on market 45.
- Affordability strain; home prices up 8% yearly to $320,000 median MSA.
- Urban crime in Winston-Salem core deters families (moderate-high rates).
- Aging infrastructure in older neighborhoods raises maintenance costs.
- Workforce housing gap; 40% renters spend >30% income on housing.
- Flood risks in Yadkin River areas increase insurance 20%.
- Labor shortages delay builds amid 0.96% population growth.
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Central Forsyth (Winston-Salem) | Medium | High | Urban revitalization, healthcare jobs; crime, poverty drag |
| West Forsyth (Clemmons) | High | Low | Suburban demand, top schools, low crime |
| North Stokes (King) | Low | Medium | Rural stagnation, manufacturing decline |
| East Forsyth (Kernersville) | High | Low-medium | Proximity to jobs, migration growth |
| West Davie (Advance) | Medium-high | Low | Affluent retirees, lake appeal |
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