It’s time for another recap for the Greenville real estate market. We’re looking at the trends we’ve been watching all year, and there are some interesting developments to point out.
Home supply is down 26.3% year over year to 2,674 units. Although this is considered a market with an inventory shortage, there is no shortage of homes to purchase. As a result, home sales are up nearly 10% year over year.
Not only do we have more sales, but we have higher-priced sales too. The median price is up 12.8% to $265,000, and the average price is up 14.7% to $322,131.
What does this mean to you? Homes are worth tens of thousands more this year than they were last year, and that appreciation will likely continue next year as well, albeit at a slower pace.
Most homes are selling within a week or two.
How long is it taking these homes to sell? On average, just 30 days. That’s down 45.5% from the 55-day average we had at this time last year. Homes are selling more quickly; most within the first couple weeks on the market.
What does this mean for us as we head into 2022? We’re not flying at 100 miles per hour like we were in the summer, but things are still moving quickly, and prices are climbing.
The Federal Reserve has recently announced that interest rates will rise over the next year. That’s probably going to affect the buying market a little bit. If you’re thinking about buying, now is a great time to do so before rates start to creep up. There won’t be a catastrophic increase, but homes will become slightly less affordable next year than they are now.
If you have any questions about selling, buying, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.