Greenville Real Estate Market
The real estate market in Greenville, South Carolina has been hot for some time. Even though Covid-19 has affected real estate markets across the United States, the trend in Greenville has had more factors than just that.
Greenville Employment Statistics
For Starters, over the past 10 years or more, the number of jobs have steadily increased and unemployment is currently at around 4.2%, which is significantly better than the 6% national average. Both the average personal income and the median income per capita is higher than the national average.
The area has truly gone through an amazing revitalization over the past several years. So much so that over 3,000 remote workers (those who never need to go into an office and can therefore live basically anywhere) have chosen to move to Greenville due its affordability, nice weather, and access to outdoor activities.
Greenville Home Prices
Some people have asked whether or not the increase in home prices is temporary and wondered if they should wait to buy. It’s a great question and for many other places, that might be the case. However, as stated before, the Greenville real estate market is growing for different reasons.
For starters, Greenville future job growth over the next 10 years is expected to be 39.8%. Take that and the fact that 8.1% of the working Greenville population makes over $200,000 a year and you can see why this trend is very likely to continue moving upward.
Average Home Price in Greenville
Last, but not least, even though the average price of homes for sale in Greenville has risen to about 250,000, that is still over $100,000 less than the national average. This means that we could, and probably will, see prices continue to rise over time. Below are the numbers from the Greater Greenville Association of Realtors that help frame the current conditions of the Greenville real estate market.
Greenville Real Estate Market Overview
As you can see, almost all the numbers are up, except for the monthly supply of inventory and days on market, of course. While more homes are actually on the market, they are selling significantly faster, which is why the monthly supply has dropped. More homes are being listed and sold and they are going faster and for more money than last year.
Current Prices for Homes Sold in Greenville
As expected, both the average sale price and the median sale price of homes in the Greenville area increased. It’s worth noting, however, that the increase seems somewhat consistent over the past three years, showing a longer trend that may be here to stay as stated earlier. The average sale price year to date is around $313,000 while the median price sits just below $257,000. The median price probably shows a more accurate snapshot of current home costs since the average would also include homes at the very high end, which tends to skew that number higher. Luxury living in Greenville has been on the rise and those types of properties come with a price.
Percent of List Price Received and Inventory of Homes on the Market
These two are put together because in real estate, they tend to go hand in hand. If there are not enough homes on the market to keep up with demand, the market gets more competitive and people make offers closer or equal to full listing price. Sometimes, the sales prices even exceeds the listing price due to multiple offers and more than one buyer wanting the property. This can lead to a “bidding war”.
A bidding war is when two or more buyers have made offers on the same property and each offer the seller more and more in order to “win” the property. Once an offer is officially excepted, then the seller cannot take another offer for more money unless the buyer backs out of the deal or cannot complete the purchase for ay reason.
As you can see, the average percent received is just over 100%. This means that the average sales price is slightly higher than the home was originally listed for. Again, notice how even two years ago, the percentage was still at 98%. This show that the Greenville market has been strong for some time, even back when the inventory was significantly higher.
Average Days on Market
The following charts show the average days a home in Greenville is on the market. That counts from the day the home is listed until the day the home is removed after the sale is completed. As you can see, 2021 has seen homes selling a lot faster than the previous two year. This is most due to the insufficient inventory levels.
It is worth noting that while both 2019 and 2020 had homes taking longer to sell, they were still selling faster than the national average. The national average number of days on market was approximately 65 for 2019 and 60 for 2020. Even the best month in this time period, October 2020, had an average days on market of 53. This shows how Greenville has been outpacing the country as a whole.
The second chart below breaks down the days on market by price range, bedroom count, and type of property. The entire market has had substantial reductions in time on market with the exception of high end luxury condos in Greenville. This could be a sign that now is a good time to be a buyer in that market.
Closed Home Sales in Greenville
A snapshot of the recently closed home sales is a great indicator of the current real estate market. Of course, it must be taken in context with the other data available. For example, if there aren’t any home on the market, then you can’t have any closed sales. So that wouldn’t mean that homes won’t sell. It would mean that there weren’t any to sell and so any that become available would most likely sell very quickly.
The charts below do show an increase in closed sales, but the increase is not as high as you might expect in a hot market. That is until you remember that the number of homes on the market has been down. However, with nearly every single price range in the second chart showing and increase in closings, you can see a clear image of a booming real estate market. The only decline was in homes under $150,000, which makes sense since home prices have been on the rise. There are simply less of those home available.
The Future of the Housing Market in Greenville
As stated at the beginning of this article, the future of the Greenville real estate market looks promising. Nobody can say for sure, but the numbers look good. When Fox Carolina interviewed Don Wessel, Don said he believes these changes are here to stay. Greenville has been growing steadily for several years now and is currently doing better than the national average in most categories. From unemployment to income per capita and a steady increase in home pricing and options, Greenville is leading the way and showing what a successfully revitalized city looks like.