I’m back to discuss what’s been happening in our real estate market. Though it’s already September, the data we’ve collected from July is still a good indicator of our current market. Our market is experiencing many changes, so it’s important to remember these numbers reflect contracts written in May and June before closing in July. This means those buyers began looking for homes a few months before then.
“We’re beginning to see our days on market creep back up a bit.”
In July, home supply increased 16% from 3,147 to 3,651 active listings on our Greenville MLS. As a reference, March 2022 saw our lowest inventory ever at 2,132, which means we’ve improved by 1,500 listings since then. The amount of sold houses fell in July by 1.6% from 9,750 to 9,590 year to date. In July 2021, 17,000 houses sold, so it’ll be interesting to compare 2021 to 2022 at the end of the year.
Our median price in July was $305,000, whereas a year ago it was $258,600—a 17.9% escalation. There’s a similar trend in our average price: It was $360,500 in July of this year and $315,000 in July 2021. The number of days on market is still lower than last year at this time; it has dropped 29.4% to 24 days, but we’re beginning to see that number creep up a bit.
If you have any questions about our market and how it may impact you or your real estate plans, give me a call or send an email. I would love to help you.