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Unveiling the Current State of the Greenville Real Estate Market: Supply, Demand, and Outlook

The latest news and emerging trends in the Greenville real estate market.

Today we’ll delve into the current state of the real estate market in Greenville, providing insights into the supply and demand trends. Understanding the market dynamics is crucial for buyers, sellers, and investors alike. Let’s take a closer look at the numbers and gain a better understanding of the market conditions.

The market supply in Greenville is showing some interesting developments. Firstly, it’s worth noting that there are three multiple listing services (MLS) operating in the upstate area. While this may seem like unnecessary information, it sheds light on the comprehensive data available for analysis.

As of now, the number of active homes listed in the Greenville MLS has increased significantly. Compared to the previous year, we are currently experiencing a 50% surge in the number of active listings. In the month of January alone, the increase reached a staggering 70%. Although the rate of growth is slowing down, the inventory still remains considerably higher than before.

“It is crucial for buyers, sellers, and investors to monitor these trends carefully.”

In terms of sales, the year-to-date figures show a decrease of 15.3% in April. Sales in the same month last year were down by 16.2%. The sales data for April becomes available in May, and the trend continues with a 7.7% decline compared to the previous month. Looking further back, January witnessed a decline of 30% and February of 20%. These numbers indicate a consistent decline, with sales hovering around a 15% decrease for the past two months.

Despite the fluctuations in supply and demand, there is a sense of stability in pricing. The average price has increased by 2.7%, while the median price has risen by 1.7%. Although these percentages may not appear substantial, they suggest that the market is stabilizing in terms of pricing. Buyers and sellers can expect moderate price growth in the near future.

A crucial metric to consider is the number of days a property spends on the market before being sold. In comparison to the previous year, the average days on market have doubled from 28 to 56. This trend continued in April, where the figure rose from 23 to 55, indicating a significant increase of 139%. These numbers reflect a return to a more balanced seller’s market, reminiscent of the conditions experienced between 2016 and 2019.

Contrary to concerns about an imminent market crash, the current data suggests a stable real estate market in Greenville. Interest rates have shown signs of stabilization, despite a slight increase driven by discussions around the debt ceiling. Additionally, inflation numbers are on the decline. As a result, it is reasonable to expect a moderate seller’s market in the foreseeable future, driven by high demand both nationally and particularly in the upstate region, as more individuals relocate to this area from across the country.

As always, don’t hesitate to call or email us with any questions. We look forward to hearing from you!

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