In November of 2023, the housing market in Greater Greenville witnessed the sale of a total of 1,143 homes, reflecting a 4.8% decrease compared to the same month in the previous year. The average selling price for the year exhibited a 5.5% rise from 2022, escalating from $357,200 to $376,932. The median sales price also experience an increase of 2.9% this year from $303,945 to $312,750. Furthermore, the average duration of a home on the market in November increased from 35 days in 2022 to an average of 44 days this year. The percentage of the list price also experienced an uptick, climbing from 98.1% in the previous year to 98.3% in the current year. Additionally, the number of houses available for sale in the market increased by 15.2%, surging from 1,333 in the previous year to 1,535 this year.

Nationwide, the inventory of homes remains at historically low levels, with only 1.15 million homes for sale as of November, reflecting a 5.7% decline compared to the same period the previous year. This results in a 3.6 months' supply at the current sales pace. Despite the decrease in available properties, the demand has kept pressure on home prices, leading to a continued upward trend, with the U.S. median existing-home sales price rising by 3.4% from the previous year to an all-time high of $391,800 in November. The National Association of Realtors (NAR) reports annual price gains across all four regions of the country.

What this means for you

For sellers in the Greater Greenville housing market, the data from November 2023 suggests a nuanced landscape. While the average sales price has seen a promising 5.5% increase compared to the previous year, indicating a potentially lucrative market, the slightly longer duration a property spends on the market (44 days compared to 35 days in 2022) suggests a need for patience. The uptick in the list price percentage, from 98.1% to 98.3%, implies that sellers may have a slightly stronger negotiating position. However, the significant 15.2% increase in the number of houses available for sale could introduce heightened competition. On the other hand, for buyers, the market dynamics present a mixed picture. While the increase in available inventory might offer more choices, the 5.7% decline in nationwide inventory and the 3.6 months' supply at the current sales pace indicate an overall shortage. This scarcity could continue to put upward pressure on home prices, making it imperative for buyers to act strategically and swiftly in their home purchasing decisions.

At PRODUCER Realty, our property valuation assessments are informed by the most current information and prevalent market trends. We acknowledge the dynamic nature of the real estate industry and are committed to keeping our Expert Advisers updated on the latest developments to enhance our client service.

If you're planning to move to Greenville, South Carolina, you've come to the right place. Over time, Greenville County has evolved into a thriving metropolis, now recognized as the economic hub of South Carolina. Alongside a robust economy, you'll find a diverse array of shops, restaurants, a vibrant community, events, art galleries, and numerous attractions to enjoy. 

Call us if you'd like more information about the Greater Greenville, South Carolina, region market. Feel free to get in touch with our team at 864-438-5050 or visit our website at www.GreenvilleRealEstateHub.com.

Receive Cash Offer on Your House ​Today!

​Did you know that we have a cash offer platform? It's your gateway to ​make your home selling process ​convenient, providing you with opportunities. Don't miss out on the potential it offers – explore our cash offer platform today! ​Click here to request a cash offer for your home.