Greenville has one of the fastest growing real estate markets in South Carolina second only to Charleston, SC. In the month of May, numbers were off the charts with 1400 homes sold. This exceeds the same time last year by 200.
The only thing that could possibly hinder this growth is a lack of inventory. Research economist Joey Von Nessen made a presentation to the Home Builders Association of Greenville in February which talked about declining unemployment, low mortgage rates and rising construction costs pointing to demand for housing continuing to outpace current supply.
Despite this demand, the Greenville SC area remains relatively affordable to the area’s median income f $62,100 per the National Association of Home Builders. They rank the Greenville area 90th out of 227 metropolitan areas they surveyed. However, local Realtors® say these averages do not account for the pressing need of lower and lower-middle income homebuyers. Homes listed between $150K and $200K are often sold in less than 20 days while homes below $150K are sold in five days or less.
Neighborhoods that are close to downtown Greenville are hotter than others. Some longtime residents close to downtown are listing their homes in this strong market with sellers getting about 97 percent of their asking price. One down side is that wages don’t seem to be keeping pace with the demand.
Some statistics from Trulia©: median sales price for Mar 7 to Jun 6 was $216,000 based on 787 home sales. Average price per square foot was $131 which is an increase of 14 percent over the same period last year. As a contrast, the city of Simpsonville has a median sales price of $224,000, a bit higher than Greenville and Greer has a median sales price of $201,500, a bit lower than Greenville.
So, although this may be a great time to sell in Greenville due to low inventory, I would suggest having a plan in place to sell. Are you upsizing, downsizing, staying in the same area or relocating to a different place altogether? Whatever your situation, I can help you make the right choice. Contact me today!
And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.