First, I want to show you the changes in a couple of stats over the last four months. Remember, supply is the number of homes for sale, and demand is the number of closed sales. These changes are compared to the same month in 2019:
Month | Supply Change | Demand Change
April | -2.5% | -12.4%
May | -7.4% | -17.4%
June | -11.9% | +14.7%
July | -16.1% | +21%
We continue to see supply decrease and demand increase. This is causing bidding wars on houses for sale, and an increase in home prices. Year to date, the median price of homes has increased by 5% to just under $230,000. We’re on track to sell 15,000 houses in Greenville this year, which is a 5.3% increase.
It’s an excellent time to buy because interest rates are the lowest they’ve ever been in history. It’s also an amazing time to sell because properties are moving lightning-fast and demand is incredibly high. We don’t know how long all this will last because this is a unique moment in history.
We’d be happy to answer any questions you have about the market or concerning real estate in general. Just give us a call or send an email. Let us be your resource.