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    Q: How Did Our Market Respond to COVID-19?

    These are the stats for how our market has responded to COVID-19. 


    Since the beginning of the pandemic, lockdowns, and everything else, the real estate market has done some interesting things in response. These days buyers are having a difficult time finding homes priced under $250,000. These houses typically have multiple offers and move very quickly. We listed a property in this range recently that had about 23 showings, received eight offers, and sold for way over asking price, and we’re seeing this over and over again. 

    Buyers are having a difficult time finding homes priced under $250,000.

    Our market is changing, so I want to share some statistics from the Greenville MLS, which is the largest and has the most real estate agents. In the first quarter, units sold increased by 12.9% compared to 2019’s first quarter. Then this number dropped when the health crisis hit. In April, units sold were down 12.4%, and down 17.4% in May. Year to date we’re only down 0.8%, so we’re about the same as last year. 

    Another interesting stat is that the median price has increased by 4.7% to $225,000. This is bolstered by the intense demand for entry-level priced homes. Our active inventory is down by 7.4%. If demand holds and inventory stays low, that will continue the upward pressure on prices. We simply don’t have enough inventory, especially at the price points people want most. 

    If you’re considering selling and moving up, it’s an excellent time to do so. Interest rates remain historically low; we’re hearing from friends and clients that they’re locking in fantastic rates for 30 years. 

    Call us at (864) 312-6424 or email us if you have any questions about the market or real estate in general. We’d be glad to help you.

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