CoreLogic, our favorite real estate statistics company, has put out a recent blog that states that 39 percent of homes sold in June 2019 sold at or above list price.
This is interesting news since it has been only ten years since the financial crisis. The national CoreLogic Home Price Index (HPI®) has exceeded its pre-crisis peak and is still growing but at a more moderate pace than before mainly due to buyer’s limitations on affordability. The basis for this data is 51 metropolitan areas.
On the other hand, another CoreLogic blog states that buyers have seen some modest gains in their affordability with mortgage rates staying lower, smaller home value increases and a modest gain on their income. Increases in personal disposable income average around 3.3 percent in the first two quarters of this year according to HIS Markit.
If we look at a snapshot (Movoto) of the market in Greenville SC, we see that the Median List Price today is $212,900 whereas a year ago it was $209,000. The number of distressed properties is down. The median home size is around 1,440 sq. ft. compared to 2,000 sq. ft. a year ago. Single-family homes are selling better than condos or townhomes. CoreLogic’s HPI is also showing the annual price growth will increase by 5.4 percent by July 2020. For more details on the Greenville SC real estate market, contact me directly and I will add you to my monthly newsletter.
What does this mean for you? Well with mortgage rates still at historic lows and homes values only rising modestly, now is a good time to get the deal done and buy a home. Homes for sale inventory does remain a bit tight, but builders are gaining confidence in the market and beginning to build again. Investors, on the other hand, are jumping into the real estate market at record numbers.
Victoria Cottle is a Realtor® in the Greenville South Carolina area and if you, a friend or a 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.