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Victoria Cottle

Year End Look at 2017

year end look at 2017

Here it is the end of another year that has gone by way too fast. So, I thought I would give you some numbers to update you on how the Greenville real estate market closed out the year.

The median home price for Greenville SC in December is $165,000. This year’s home prices have been a steady incline since starting January at $152,000. Increasing more than $10,000 through 2017. Zillow is forecasting home prices to increase through 2018 possibly topping out at $171,000 in November.

Foreclosures in Greenville are very low with percentages being .71 in January to .34 in August. The national average is 1.6. We still have a percentage of homeowners that are underwater in their mortgage stemming from the market peak in 2007 and then subsequent fall.

Top selling neighborhoods are Pleasant Valley and Nicholtown. Median listing prices rounded out November around $131,000.

Home values have gone up 9.2% over 2017 and Zillow is predicting that they will rise 4% by 2018. The market temperature is being described as very hot.

I also reviewed a Freddie Mac outlook for 2018 and the overview is that the 30-year mortgage price will continue to rise to around 4.4% in 2018. Total home sales will increase to around 6.30 million in 2018. House price growth will be about 4.9%. Three factors will assist the mortgage market as purchase mortgage volume increases, refinance activity will cool off since rates will be rising and existing borrowers will be more apt to tap into their home equity for home equity loans or lines of credit.

Greenville SC is also reported by Freddie Mac to be one of the most improving metro areas month-by-month in 2017 just behind Orlando FL. With the Census Bureau report on U.S. median household income showing an increase in household income for a second year in a row, this reflects that economic growth is modest, but job gains have been strong. The unemployment rate has dropped to 4.1 nationally. Our U.S. labor force has had positive month-by-month job growth for 86 months which is the longest streak in post-war history.

What does this mean for you? Sellers are getting most of their asking prices and buyers are in a competitive market with low inventory. Concessions by buyers are ruling the day and most of the new buying is for new homes. Millennials are buying smaller and less expensive homes within walking distances to shopping, eateries and entertainment. I feel a trend pushing back to living in the city rather than the baby boomers push to live in the suburbs. It will be interesting to watch the next ten years or so.

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.

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