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

$353,876

*11.6% year-over-year increase
Average Sales Price in January 2022: 
$316,969

Median Sales Price

$299,540

*7.0% year-over-year increase
Median Sales Price in January 2022: 
$280,000

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 January 2022.

New vs. Sold Listings

1,380 vs. 767

January 2022 New Listings: 1,284
January 2022 Sold Listings: 1,115

There were 1,380 new listings submitted to our MLS last month. That was a 7.5% increase from the previous year. There were 767 homes sold last month, a 31.2% decrease year-over-year.

Inventory of Homes

3,517

*133.7% year-over-year increase
Inventory of Home in January 2022: 
1,505

There were only 3,517 active real estate listings in Greenville last month. There were 1,505 active listings last year in January. That’s a 133.7% increase in available homes for sale from the same time a year ago.

Days on Market

49 Days

January 2022: 31 Days

The average days on the market for homes listed in January 2023 was 49 days. That’s 58.1% longer than the same time period last year.

Greenville is a balanced market in January 2023

Greenville’s real estate market was in a state of balance in January. Many buyers and sellers are remaining cautious as they await the market’s direction. Existing home sales declined for the fifth consecutive month. Sales were down 31.2% compared to the same period in the previous year, primarily due to higher mortgage interest rates cutting into housing affordability.

The number of new listings climbed by 7.5% to 1,380 despite the cautious market outlook, while the median sales price rose by 7.0% to $299,540. Days on the market, however, surged by 58.1% to 49 days, and months of inventory supply increased by 180.0% 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 133.7% to 3,517 units. New listings increased by 7.5% to 1,380. The months’ supply of inventory increased by 180% to 2.8 months, signaling a shift in favor of supply over demand.

As sales have slowed, the average home has been on the Greenville market for 49 days, and seller concessions have become more common, giving buyers more time and negotiating power when looking for a home. However, the recent drop in mortgage rates to their lowest level since September may help with affordability, potentially leading to an increase in market activity ahead of the spring selling season.

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.