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Your May 2022 Housing Market Update

Here’s a quick update on the market to show you what’s going on.

We’ve been hearing a lot of talk about a market crash in the news lately, but is that likely? Today we’ll take a look at the data to paint a better picture of what’s actually going on.

Let’s start with supply. Inventory is down 13.5% year over year, going from 2,860 available homes last May to 2,475 homes this year. The number of homes sold, which is a proxy for demand, increased by 1.1% since last year in the Greenville MLS, rising from 5,001 homes sold to 5,059. This April was the first month since the beginning of 2020 when the number of homes sold was lower than the previous month.

Does this mean that home prices will soon come down? No, that’s not likely. The median home price rose by 18.3% year over year, and the average price rose by 14.6%. Experts don’t expect prices to come down, but they won’t rise quite as quickly as they have in the past.

“Buyers’ monthly payments will be more expensive.”

Finally, the average number of days that homes spend on the market is down by 33.3%, going from 42 days last year to 28 this year. That shows homes are still selling quickly.

Rising home prices and increased interest rates mean that buyers’ monthly payments will be more expensive than they would have been just three months ago. That has the effect of decreasing demand since fewer people can afford these increased payments.

We’ll keep an eye on the numbers and update you as the data changes. If you have any questions in the meantime, don’t hesitate to give us a call or send us an email. We’d love to help you.

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