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Must-Know Numbers If You’re Buying or Selling a Home

As we look at the latest year-over-year stats from our Greenville market, we see that now is a great time to buy or sell.

What’s been happening in our Greenville market as we make our way through summer? Let’s take a look at the latest year-over-year statistics as of July 10. 

First, the number of active listings is up 8.4%. The number of sold properties rose, too—to the tune of 2.5%. This means we have more supply than demand. Our median sale price, meanwhile, rose 5.1%. 

Our average days on market is 57 days, which is a 3.6% increase compared to this time last year. What’s really interesting is how our average days on market has fluctuated over the years. Back in 2008, the average was 96 days at the beginning of July. In 2009, it shot up to 102 days. As the recession kicked into full gear in 2011, it rose all the way up to 113 days. Once we got to 2018, though, it dropped to 53 days. 

“This doesn’t mean prices will drop; it just means the rate of appreciation will slow.”

If this trend continues, we should expect to see a softening of the upward pressure on prices. This doesn’t mean prices will drop; it just means the rate of appreciation will slow. 

Another interesting development is that interest rates have dropped a full 1% since last December, and they’re currently hovering around the 3.75% mark. This makes now a great time to refinance or buy. Since this low interest rate environment will bring more buyers to the market, it’s also a great time to sell. 

If you have any more questions about our Greenville market or you’re thinking of buying or selling soon, don’t hesitate to reach out to me. I’d be happy to help you.

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Our agents write often to give you the latest insights on owning a home or property in the local area.