Here’s the latest update on the Greenville real estate market. This page is updated every month to keep a running archive of Greenville’s real estate statistics from our local MLS. If you’re moving to Greenville and have questions about Greenville real estate market, don’t hesitate to contact us. We’d love to discuss in detail the activities in our local market. If you’re on the market to sell your home or buy a home, this data will help you gauge if it’s a good time to sell or buy.

The Current State of the Real Estate Market in Greenville

Average Sales Price

$340,946

*1.3% year-over-year increase
Average Sales Price in February 2022: 
$336,628

Median Sales Price

$290,000

*0% year-over-year increase
Median Sales Price in February 2022: 
$289,900

NOTE: The average sales price is the combined average of all sold properties in greater Greenville for the same time period. The median home price is the most common sales price of all the homes sold in greater Greenville from our last month’s sales in February 2022.

New vs. Sold Listings

1,456 vs. 1,023

February 2022 New Listings: 1,468
February 2022 Sold Listings: 1,162

There were 1,456 new listings submitted to our MLS last month. That was 0.8% less than the previous year. There were 1,023 homes sold last month, a 12% decrease year-over-year.

Inventory of Homes

3,466

*144.8% year-over-year increase
Inventory of Home in February 2022: 
1,416

There were only 3,466 active real estate listings in Greenville last month. There were 1,416 active listings last year in February. That’s a 144.8% increase in available homes for sale from the same time a year ago.

Days on Market

58 Days

February 2022: 30 Days

The average days on the market for homes listed in February 2023 was 58 days. That’s 93.3% longer than the same time period last year.

Greenville is a balanced market in February 2023

In February, the Greenville real estate market was fairly balanced, with neither buyers nor sellers taking too many risks as they waited to see which way the market would go. Unfortunately, existing home sales have fallen for the sixth month in a row. In fact, sales were down 12% from the same period last year. One of the primary reasons for this is that mortgage interest rates have risen, making it more difficult for people to purchase homes.

The number of new listings declined by 0.8% to 1,456, while the median sales price didn’t move at $290,000. Days on the market, however, surged by 93.3% to 58 days, and months of inventory supply increased by 180% to 2.8 months, showing a relative rise in supply compared to demand. However, the slowdown in sales has led to an increase in housing supply, with inventory rising by 144.8% to 3,466 units.

As sales have slowed, the average home has been on the Greenville market for 58 days, and seller concessions have become more common, giving buyers more time and negotiating power when looking for a home. There were more houses for sale, but they took longer to sell. House prices remained stable, but sales took longer. People aren’t buying as many homes as they used to, which has caused the housing market to slow. Some buyers were persuaded to enter the market after mortgage rates fell slightly earlier this year, but with rates rising again in recent weeks, buyers are once again holding back, causing sales activity to remain low heading into spring.

Is it a good time to buy a home in Greenville, SC?

As the rising costs of homeownership caused some volatility in demand as more buyers find themselves unable to afford the much higher payment, home prices will likely stay even though the demand has lessened.

Whether this is a good time for you to buy a house in Greenville or not depends on your financial situation, goals, and readiness to become a homeowner. If your situation needs to buy a home now, it pays if you understand what you can actually afford. Shop for mortgage rates and find the best lender that will offer you the best financing option.

In this balanced market, sellers are more inclined to give concessions to attract more buyers. It is one of those times buyers should take advantage of. Therefore, it’s essential to have a good Greenville realtor and mortgage lender to help navigate through this market.