The Greenville housing market has experienced a remarkable transformation in recent years, driven by a surge in demand and a limited supply of available homes. This dynamic market presents both opportunities and challenges for buyers and sellers alike. Understanding the current trends and factors influencing the market is essential for making informed decisions and achieving your real estate goals.
Several key trends are shaping the Greenville housing market:
- Rising Home Prices: The median home price in Greenville has experienced steady growth, increasing by 1.6% in September 2023 compared to the previous year. This trend is driven by a strong local economy, a growing population, and a limited supply of available homes.
- Reduced Inventory: The number of homes available for sale has decreased significantly, creating a seller's market. This low inventory is contributing to the upward pressure on home prices and making it more challenging for buyers to find suitable properties.
- Increased Competition: With fewer homes available and a growing pool of buyers, the competition for properties has intensified. Buyers need to be prepared to act quickly and make strong offers to secure their desired homes.
- Demand for Specific Property Types: There is a high demand for certain types of properties, such as starter homes, move-in ready homes, and homes in desirable neighborhoods. Buyers looking for these types of properties may face more competition and higher prices.
Greenville Housing Market Statistics September 2023
Here’s the latest update on the Greenville real estate market released by the Greater Greenville Association of Realtors (GGAR).
- Average Sales Price: $385,773 *6.3% year-over-year increase
- Median Sales Price: $319,900 *1.6% year-over-year increase
New vs. Sold Listings
- New Listings: 1,697 vs. 1,320 September 2022 New Listings: 1,921
- Sold Listings: 1,468
There were 1,697 new listings submitted to the MLS last month. That was 11.7% less than the previous year. There were 1,320 homes sold last month, a 10.1% decrease year-over-year.
Inventory of Homes
- Inventory of Homes: 3,935 14.0% year-over-year increase
There were only 3,935 active real estate listings in Greenville last month. There were 3,453 active listings last year in September. That’s a 14.0% increase in available homes for sale from the same time a year ago.
Days on Market
Days on Market: 40 Days September 2022: 27 Days
The average days on the market for homes listed in September 2023 was 40 days. That’s 48.1% longer than the same time period last year.
Price Trend in the Greenville Real Estate Market
The market trend reflects the home value index for September 2023, going back 10 years. Historical Inventory of Homes for Sale by Month in Greenville Real Estate Market source: GGAR
Is Greenville in a buyer’s or seller’s market right now?
Greenville is a seller’s market in September 2023. The current landscape of the real estate market in Greenville, SC, poses a series of challenges affecting both buyers and sellers during the summer homebuying season. Affordability constraints are a significant issue in Greenville’s real estate market. Existing home sales have declined by 10.1% year-over-year, according to data from GGAR.
In addition to the sales decline, there’s a notable dip in new listings, down by 11.7% to only 1,697 properties available. Pending sales have also taken a more significant hit, declining by 42.5% to 728 units. On the supply side, inventory has grown by 14.0% to reach 3,935 units, yet it is still insufficient to meet demand.
Despite these challenges, home prices have continued to rise. The median sales price has increased by 1.6% to $319,900. However, this price increase is occurring within a context of declining home sales, making the market increasingly competitive. In some areas, bidding wars are becoming more common, with homes selling for prices above their asking prices. Days on the market have also increased, rising by 48.1% to 40 days.
Greenville’s real estate market is also currently facing challenges associated with higher mortgage rates, escalating home prices, and a persistent shortage of inventory. These factors are reshaping the dynamics of buying and selling homes, creating a complex landscape for both buyers and sellers to navigate.
Is it a good time to buy a home in Greenville, SC?
As the rising costs of homeownership caused some volatility in demand as more buyers find themselves unable to afford the much higher payment, home prices will likely stay even though the demand has lessened. Whether this is a good time for you to buy a house in Greenville or not depends on your financial situation, goals, and readiness to become a homeowner.
Greenville Housing Market Forecast 2023 & 2024
According to Zillow, the average home value in Greenville stands at $296,383, reflecting a 3.1% increase over the past year. This indicates a thriving real estate market that offers potential for both buyers and sellers.
Key Takeaways for Greenville
To gain a deeper understanding of the current market conditions in Greenville, let's explore some key takeaways:
– Typical Home Values: The average home value in Greenville is approximately $296,383.
– 1-year Value Change: Over the past year, home values have seen a 3.1% increase.
– Median Sale to List Ratio: As of August 31, 2023, the median sale to list ratio is 0.999.
– Percent of Sales Over List Price: In August 2023, 32.0% of sales closed above the list price.
– Percent of Sales Under List Price: In the same month, 49.6% of sales occurred below the list price.
– Median Days to Pending: The median time it takes for a property to go pending in Greenville is as low as 8 days.
Greenville MSA Housing Market Forecast
The housing market in the Greenville Metropolitan Statistical Area (MSA), located in South Carolina, is of keen interest to both potential homebuyers and sellers. To gain insight into the market's future, we examine the housing market forecasts for 2023 and 2024, focusing on key metrics such as price growth and trends.
2023 Housing Market Forecast
As of September 30, 2023, the Greenville MSA is experiencing a relatively stable housing market. The forecast for the end of 2023 suggests a modest growth in home prices. It is estimated that the year-end home price growth will be around 0.5%. While this indicates a positive trajectory, it's worth noting that this growth is relatively moderate and suggests a balanced market where prices are not surging dramatically.
2024 Housing Market Forecast
Looking ahead to 2024, the housing market in the Greenville MSA is expected to continue its upward trend. The forecast for September 30, 2024, suggests a more significant increase in home prices. It anticipates a growth rate of 2.3% for the year. This growth indicates a more favorable environment for sellers, with potential for increasing property values.
It's important to keep in mind that while these forecasts provide valuable insights, they are subject to various factors that can influence market dynamics. Economic conditions, local employment trends, and demographic changes can impact the housing market in the Greenville MSA. As such, it's advisable for both buyers and sellers to stay informed, monitor market developments, and consult with real estate professionals for the most up-to-date and accurate information.
Thus, the housing market in the Greenville MSA is expected to see moderate growth in 2023, with more robust price increases forecasted for 2024. These forecasts offer valuable guidance for those looking to make informed decisions in the real estate market. However, it is essential to consider these projections alongside the dynamic factors that can influence the housing market's performance.
Should You Invest in the Greenville Real Estate Market?
Greenville, South Carolina, has emerged as a thriving hub for business, culture, and lifestyle, attracting a growing population seeking a vibrant and welcoming community. As a result, the Greenville housing market has experienced a surge in demand, driving up prices and creating a competitive landscape for buyers.
Investing in real estate is a significant decision that requires careful consideration. The Greenville real estate market presents several factors that make it an attractive option for investors. Let's delve into these factors in detail.
Population Growth and Trends
- Greenville has been experiencing consistent population growth over the years. The city's appeal is drawing in new residents seeking a vibrant community with a lower cost of living compared to larger metropolitan areas.
- Population trends indicate that the city's growth is likely to continue, creating a steady demand for housing. This factor is favorable for real estate investors looking for a stable tenant base.
Economy and Jobs
- Greenville boasts a diverse economy with a strong presence of industries such as manufacturing, healthcare, and technology. The region's economy has shown resilience, even in challenging economic climates.
- Job opportunities are abundant in Greenville, attracting a skilled workforce. This economic stability contributes to a robust rental market, making it an ideal place for real estate investments.
Livability and Other Factors
- Greenville is known for its excellent quality of life. The city offers a blend of cultural amenities, outdoor recreation, and a thriving downtown scene, making it a desirable place to live.
- The city's infrastructure and amenities, including schools, healthcare, and entertainment, are well-developed, further enhancing its appeal for residents.
Rental Property Market Size and Growth for Investors
- Greenville's rental property market is sizeable and growing. With an influx of new residents and a thriving job market, the demand for rental properties remains strong.
- The city's diverse economy and educational institutions also attract students and young professionals, contributing to the demand for rental housing. This trend is advantageous for investors seeking consistent rental income.
Other Factors Related to Real Estate Investing
- Tax incentives and favorable regulations for real estate investors in South Carolina make Greenville an attractive location for investment properties.
- The city's real estate market has shown stability and steady appreciation in property values over time, providing potential for long-term capital growth.
- Proximity to major cities like Atlanta and Charlotte enhances Greenville's accessibility and connectivity, making it a strategic location for real estate investments.
Sources:
- https://www.zillow.com/Greenville-sc/home-values
- https://www.realtor.com/realestateandhomes-search/Greenville_SC/overview
- https://www.greatergreenvilleareahomes.com/greenville-real-estate-market-statistics/
