dollar-currency-money-us-dollar-47344.jpeg
Victoria Cottle

Victoria Cottle

Lacking 7.4 Million Homes

lacking 7.4 million homes

Wow, what a number you say. Well it seems that the real estate crisis of 2008 has left home builders with a bad taste in their mouth when it comes to building new homes. The impact is really being felt in in places like California, Arizona and Utah. California built 3.4 million fewer homes since 2008.

If we look at some numbers from Realtor.com, the recently sold homes in Greenville have a median list price of $237,500 at $101 per square foot. The 1,845 active recently sold homes only spent 19 days on the market. Hot neighborhoods include August Street area, North Main area, Pleasant Valley, and the Overbrook Historic District.

Let’s look at the most populated zip code in Greenville (20607 according to unitedstateszipcode.org). Since 2008, the population have gone from 29,276 to 34,640 in 2015. The majority of these houses are owned or have a mortgage on them. Homes in this zip code were primarily built in the 1990s or 2000s. The median household income for Greenville is $41,924 but the median property value is $221,800. Home values have grown 7.05% whereas income growth has only been 1.89%.

Eighty-seven percent of income is from wages, 15% from business, 7% from partnership and 2% unemployment. Household retirement income from pensions and annuities and IRA distributions lead the way over social security. It seems that retirees may have the upper hand where income is concerned and having two sources of retirement income certainly helps.

As I look over the Upstate Business Journal website there are stories about developments being sold, businesses planning expansions, new plants being built and lots of event hosting is going on. One can only hope that with an increase in jobs comes an increase in pay level with more benefits for you.

There are several residential developments in the works for Greenville. Looking at the Upstate Business Journal website there are several projects that have recently been funded for several million dollars to build homes and apartments and multi-family divisions. These will become important if the trend for millennials continues to be toward urban developments and away from the suburbs. We can only infer that with the ever pressing need for immediate gratification that the younger generation shares, the move closer to work, entertainment and shopping only makes sense.

Whatever the motivation, there needs to be places for people to live. Builders need to kick their building back into moderate to high gear and get us some houses!

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.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email
Archives

Copyright © 2010 BestGreenvilleRealEstate.com
The Victoria Cottle Group
Keller Williams Greenville Upstate
(864) 275-3953
thevictoriacottlegroup@gmail.com