Shopping for a new home in Greenville most likely will give you a little headache as demand for homes continues to outpace supply.
WHNS, a Fox-affiliated TV station serving the Upstate, SC, sat down with us and talked about the current state of the housing market in the Upstate in this report.
We’ve seen our fair share of market cycles but this cycle is particularly unique given the pandemic and the surge in the demand from the millennials starting families and the baby boomer generation downsizing or relocating for their golden years as well as people working from home creating a surge of relocation opportunities. Low-interest rates have also helped supercharge the market. With these factors, we have a highly competitive market and real estate transactions have become an inherently hectic experience for many looking to buy a home.
As the Upstate continues to be a magnet for new residents to South Carolina. We don’t see the market slowing down anytime soon. The Upstate market is flooded with buyers waiting for inventory to become available. The demand is high and the inventory is low. Everyone is just waiting on housing to come on the market. We have less than seven days of inventory on the market for people looking for homes. There certainly weren’t enough listings on the MLS for Greenville county to meet the demand.
Buyers are facing real challenges in the market with higher prices, fast-moving sales, and mortgage rates starting to creep higher. In Greenville, the average price for a home sold within the last 30 days is $336,000. Higher than the average sales price of $294,680 in January 2021.
This market cycle certainly favors the sellers. We can all agree that it’s definitely a hyper seller’s market. From the recent MLS reports, in the last 10 months, the percentage of list price received has maintained the 100% mark. It’s more than likely, you’re going to spend more than the asking price.
Buyers will have their patience and resolve tested depending on how determined they are to make a move during these times. It’s a tricky moment to navigate, that’s why it’s important to hire a real estate agent to help you navigate the home buying process, especially in this highly competitive market.
Key housing market takeaways
- The median home-sale price for January is $280,000, up 17.9% year over year.
- Pending home sales were down 41.2% in January compared to the same period in 2021.
- New listings of homes for sale were down 13.6% from a year earlier.
- In January, homes that sold were on the market for a median of 31 days, down from 40 days a year earlier.
- 43% of homes sold above list price, up from 35% a year earlier and 21% in 2019.
- The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, was 100.1%. In other words, the average home sold for 0.1% above its asking price.
Source: GGAR January Market Report