The Greenville market is slowing down a little bit, but that’s a good thing. Here’s why.
I’ve got a quick market update for you as we head into the fall. At the beginning of the year, we were seeing some interesting numbers, but there wasn’t enough data. Now, we’re at a point where we can take a look at the numbers and have a good idea of what the rest of the year will look like.
When we talk about the supply and demand of real estate, they are represented by actives (supply) and solds (demand). Last year at this time, we had 4,706 actives. Right now, we have 5,219 actives. That’s a 10.9% increase.
As for our solds, those have gone up as well. We had 7,902 last year and have jumped up to 8,108 so far this year. That’s a 2.6% increase.
“The gap between supply and demand is widening.”
This tells me that solds aren’t increasing in the way we’ve seen it in the past. We’re starting to see a widening of the gap between supply and demand. That puts downward pressure on home prices a little bit.
This downward pressure doesn’t mean that home values are going to go down, it just means appreciation is going to slow. Right now, we’re still a bit above the normal 2% to 4% appreciation rate, but we’re down from the 8% rate we saw last year. This is a good thing because it means we’re moving more towards a healthy market.
Year to date, we have an increase in our median appreciation of 4.8%, which means prices are going up. If you’re a home seller, know that home values are not going down. At the same time, buyers have more options than they’ve had in the past. This is good news for everyone.
If you have any questions for me about buying, selling, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.