Greenville SC Real Estate Market Report - October 2011
The Greater Greenville SC Real Estate market continues to lead the national trend of falling inventory. The number of homes for sale in the Greater Greenville SC market for October 2011 was 1138 units less than the previous year. That's a 14.7% reduction in inventory and the last time inventory was this low was over 4 years ago! That's great news for home sellers who have been battling a 5 year buyers market. It's also cautionary evidence to buyers that the days of being able to purchase a home considerably below the listing price may be coming to an end.
The Greater Greenville market also enjoys a much lower median price of $140,000 when compared to the national average $165,000. Our markets median price has dropped only .6% compared to the national average of 3.5%.
Overall sales are down 4% YTD through October. Continued turmoil in the equity markets and lack of confidence in the direction Washington has taken continue to affect the overall housing market. However, Greenville's strong economy marked by continued improvement in the employment rate and a Housing Affordability Index well above the national average is creating the confidence needed to begin our climb out of the down market.
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