Real Estate Market In Greensboro NC
Don't miss the green in Greensboro.
Greensboro is a perfectly situated city in North Carolina. While being more North in NC, it sits perfectly between the Mountains and the Coast. A smooth 3 hour drive to the beach, and you can start hitting mountains in less than 2 hours heading east. It's a city that people call "Mini-Charlotte" with good reason. It boasts many of the same amenities as Charlotte, and only being about 90 minutes away from the real Charlotte Greensboro couldn't be settled bettered. Nestled right between Winston-Salem and Raleigh/Durham, three rapidly growing cities with a lot of money being poured into them. Greensboro is right there on that trend with them.
Greensboro is one of the better transit hubs in NC, between the Airport, Amtrak, Public bus, and new Bike path cover all of Greensboro called the Greensboro Greenway is under construction. Moving around in Greensboro, or traveling out, the options are there and efficient. Greensboro really isn't missing anything other than a professional sports team. Despite not having one, Greensboro is known as the "Tournament Town" hosting events like the NCAA basketball game and the ACC Basketball tournament.
Greensboro is also benefitting from some large company investments. Like the new Toyota Battery Plant, and UPS expansions. Production is set to start in 2025 for the plant, and a little over 1700 jobs are expected to be brought in from the Toyota plant alone. This is not the only thing happening in or around Greensboro, as almost all cities in Triad benefit when big players move to any of them. The the beauty of the layout of NC. Winston/Gboro/Durham/Raleigh/Greenville in pretty much a straight line all connected by 40, and can travel one end to other in around 4 hours.
More Millennials are moving here than other cities like Austin and Raleigh, and the population is flourishing. Boasting the 3rd largest city population in NC and the 69th largest in NC, it may be called "Mini-Charlotte" but it's not small by any means. Supporting a population just north 303,000 people and a growth of .97% annually, nothing superb, but a good look. The majority of influx migration is coming from Raleigh, DC, and NYC. Outbound heading towards Myrtle Beach, Asheville, and Charlotte. Which is something I like to see personally. People are leaving Raleigh and heading to Greensboro for cheaper pricing (and I bet less traffic). The ones leaving are heading to higher Cost of Living (CoL) areas, which is a good sign that people are gaining wealth in the area. If we take a look at online searches from Greensboro locals looking to move 75% are looking to stay in Greensboro. That's a healthy indicator that local infrastructure, CoL, and future opinion are in view positively by the local population.
Speak of Cost of Living, Greensboro sports rank 2 of cheapest out of the largest 5 cities in NC. Ranks 44/50 in overall NC affordability, and is ranked in the top 25% most expensive cities in the world. CoL here is low, and the median after tax salary sits at 3.4k roughly 2.1 months worth of expenses. Solid numbers to see.
Related to crime Greensboro score a 5 on the Crime Index (scored out of 100, 100 being the safest) which isn't a great look. Statistically speak Greensboro does have an abnormally higher rate of crime than the rest of NC. Being a victim of a violent crime is 1 in 110 vs 1 in 235 in NC, victim of property crime is 1 in 27 vs 1 in 44 in NC. Nothing to freak out about, but it's important know. Knowing the higher crime areas is important when investing in any city, and Greensboro is no different.
There are 5 Colleges within 3 miles of the city center, meaning that a large student population is ever present in Greensboro. Despite that, the median age is 36 in Greensboro. Roughly 54% of homes are owner-occupied so there is a large rental base and opportunity there.
Average homes are selling at list and moving in about 25 days, hot listings are going for 3% over list in about 15 days. Pretty solid turn around. Still a little tighter on supply that I'd like to see, and the market isn't selling as many as last year- but NC as a whole is still a hotbed for potential, Greensboro being no exception.
Roughly a 14% poverty rate, which is nothing crazy, but does mean there is a potential need for affordable housing.
Around 60% of the market is SFH and around 35% is MFH. Good indicator of what people are prioritizing in the area.
Don't sleep on Greensboro, there is opportunity abundant, and still boasts a sub $300k median sale price. There's economy, people, and development coming to Greensboro. It may not be the hottest market in NC, but it's not one to write off the list by any means.
As always looking for any additional comments, questions, value adds, and feedback! Looking to connect with more people on here, so let's chat!
Here are the links to the websites for extra reading and sources.
https://uphomes.com/blog/movin...
https://www.redfin.com/city/71...
https://www.realtor.com/reales...
https://worldpopulationreview....
https://www.census.gov/quickfa...
https://censusreporter.org/pro...
https://www.wfmynews2.com/arti...
https://www.wfmynews2.com/arti...