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The Housing Market: Your Urgent Update

These are the latest figures and statistics for the housing market.

This year has started off very interestingly in the real estate market. What’s been going on, and what does it all mean for you? Today we’re sharing the latest market stats to answer that question.

Compared to last year, active supply has increased by 71.8% from March 10. This means that there are more homes available to purchase, with 3,662 houses on the market this year versus 2,132 last year. However, demand has decreased by 20% through February, with only 1,734 homes sold in the first two months of this year versus 2,172 in the same period last year. When supply increases and demand decreases, it typically results in a downward pressure on prices. Although there are some hot pockets in certain price points and areas, and depending on the property’s condition, most of the multiple-offer situations have quieted down. It’s a much different market now than it was a year ago.

The median price is only up by a little bit this year, which was expected. The median price for the first two months of this year is up by only 3% compared to the same period last year. In fact, in February, the increase was closer to 1.5% in the value of the median home. The average price is usually up a little bit more due to higher-priced homes moving. This is happening more often due to the amount of money put into the system, with many boomers retiring and moving south. There have been many higher-priced homes sold in the upstate more than in previous years.

“This year is off to a very interesting start.”

The average days on the market is down, with a 74.2% increase from last year’s 31 days to 54 days for the first two months of this year. Although it’s almost double the amount of time to get a house, it’s still better than the 140 days in 2009.

The market is not collapsing, and demand is still relatively robust, with Greenville projected to have another 220,000 people moving to the county between now and 2040. However, there is still not enough supply to meet the demand for the type of houses needed. That’s why there are still multiple-offer situations.

If you have questions about this market or what we can do to help you succeed, please call or email us. I am always willing to help!

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