Last month was a mixed bag when it comes to Greenville’s economy, especially as it pertains to our real estate market, but this March has brought some more consistently positive news.
Between March 10, 2018, and March 10 of this year, the number of active homes on our market rose 8.1%—going from 4,265 to 4,613 homes. Given that the year-over-year change in active supply last month was similar, with an increase of 9.1%, it’s clear that inventory growth has remained relatively stable.
The number of homes sold, however, has been less consistent. In January, this figure was down more than 18% compared to January of 2018. Between February of 2018 and February of this year, however, the number of homes sold grew from 848 to 957—an impressive 12.8% change.
Some speculate this growth comes as a result of delayed demand, given that the recent government shutdown caused hesitation among would-be buyers. With that said, only time will tell whether the data for March shows a similar upward trend.
The final trend we’ll examine is the year-over-year change in median price between February of 2018 and February of this year. Last February, the median price in our Greenville market was $198,750. This February, the median price was $202,500. This means there was an 8.1% appreciation rate over that 12-month span.
What does all of this mean? Well, unless demand continues to climb to meet our increasing supply, our market will likely soften soon. For the time being, though, listings are selling incredibly quickly. This means it’s an incredible time to sell.
If you have any other questions, would like more information, or are curious about how we can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.