BURLINGTON, N.C. — One of the hottest housing markets in the country is in the Triad.
Realtor.com released their 2021 list of cities where homes are getting snatched up at record rates.
Burlington came in at #4.
There are several different factors, but one thing is certain: there isn’t enough housing on the market to keep up with the growing demand.
“Watching home values soar in the past 12 months was nuts. I kept watching our house on Zillow going up and up and up,” Matt Clancey said.
That’s why he and his wife decided they were going to sell their Burlington home in January.
“I was motivated by trying to capture the equity and make a little bit of a buck,” Clancey said.
They only just closed on a new home in March.
“There wasn’t a lot available,” he said.
The houses that Clancey and his wife did like went quickly.
“It was competitive. Just the weekend before, there was a house we liked and we probably saw a handful of other offers coming in way above asking, where we had no ability to compete,” he said.
It’s something Amber Harvalias has not seen in her 10 years as a real estate agent.
“We literally go knock on doors and say hey, we have a buyer interested in your home, are you interested in selling,” she said. “About one and a half to two homes are selling for every home listed. That’s what’s driving inventory to be extremely low right now.”
Harvalias’ team at The A-Team at Keller Williams has about half the inventory they had this time last year.
She thought the pandemic would put a damper on the housing market, but if anything, she said it’s prompting people to make some changes, no matter what the price tag says.
“Most of our homes are selling at 4-5% over sales price,” Harvalias said.
She told FOX8 that people want at-home amenities now more than ever.
People are moving because they want office space, outdoor living, movie theaters and pools to enjoy, without having to go out in public.
Harvalias is also seeing people move to the Burlington area from out of town, drawn partly to the lower cost of living.
“You could buy probably one and a half times the house here versus other areas. So a $200,000 home here is probably a $3-400,000 house in those places,” she said.
She also thinks the recent growth and development in the area is a big factor in the hot housing market.
“We have an Amazon distribution center that’s coming and a Chik-Fil-A distribution center coming,” she said.
Clancey agreed with Harvalias and explained that the location between bigger cities also makes it easier for families to get to work and out of town, easily.
“I commuted out to Raleigh prior to the pandemic,” he said. “[This area] is halfway between Greensboro and the Raleigh-Durham area.”
Harvalias told FOX8 that she currently has 40 buyers who they can’t find homes for.
Even the homes that are under construction are getting sold before they’re built.
Harvalias thinks this housing market boom will last for another 12-18 months.