Despite what you may have heard, prices aren’t about to start falling in our Greenville market. Here’s why.
Despite what you may have heard, I don’t believe prices in our Greenville market are about to start falling. If anything, I think home values will continue to appreciate in our market, albeit at a slower rate.
To see why, check out these latest year-to-date statistics through September and how they stack up compared to last year:
- Our median home price rose 8.8% from $192,000 to $208,900.
- The number of sales rose 6.5% from 9,626 to 10,250.
- The average days on market decreased from 54 to 52 days.
As you can see, demand is still high. If our average days on market had jumped from 54 days to—say—64 days, we’d be having a different conversation, but that’s not the case.
Lastly, inventory has risen 2.2% from 4,644 to 4,748 homes on the market. The average days on market for those 4,644 homes that were on the market last year at this time was 109 days, while the average days on market for our current inventory is 98 days.
Again, I don’t see any indication from this data that prices will depreciate anytime soon. I believe our level of appreciation will slow down, and we are seeing some softening in the higher price points, but we’re still in an appreciating market and will continue to be in the near future.
As always, if you have any other questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.