Admin

Greater Greenville Market Update for January 2024

By
Real Estate Broker/Owner with PRODUCER Realty, LLC

In December 2023, there were 1,211 homes sold in the Greater Greenville SC housing market, reflecting a 1.4% decrease compared to the same month in 2022. The average sales price for 2023 exhibited a significant uptick of 4.8% from 2022, climbing from $350,548 to $367,498. The median sales price experienced an increase of 6.7% this 2023 from $295,250 to $315,000. Moreover, the average duration a home remained on the market in December 2023 increased from 43 days (December 2022) to an average of 52 days. The list price percentage also saw an uptick, rising from 97.9% in 2022 to 98.1% in 2023. Additionally, the number of homes available for sale in the market rose by 14.7%, increasing from 3,249 in 2022 to 3,726.

On the national level, limited inventory levels continue to have an impact on home sales in the United States, providing limited choices for potential buyers. As of December, there were 1.13 million units available for sale, reflecting a 1.7% decrease from the previous month but a 0.9% increase from the same period in the previous year, resulting in a 3.5 months' supply at the current sales pace. Consequently, national home prices remain elevated, with the National Association of Realtors (NAR) reporting a 4% annual increase in the median existing-home price to $387,600 in the latest assessment. This marks the fifth consecutive month of year-over-year price gains. With an uptick in homebuyer demand, experts anticipate that unless there is a substantial rise in supply, home prices are likely to stay elevated for an extended period.

 

What it means for you

In December 2023, the Greater Greenville SC real estate market experienced a moderate decrease in home sales alongside an appreciable rise in average prices and an extended time on the market. Conversely, the U.S. housing market faced ongoing challenges with low inventory levels impacting sales, resulting in elevated prices nationwide. For homebuyers, these trends suggest limited options and the likelihood of continued high prices. On the other hand, home sellers may benefit from the increased demand and reduced supply, potentially leading to favorable selling conditions. However, sellers in Greater Greenville SC may need to consider a slightly longer time on the market despite the positive price trend. Overall, both reports underscore the need for careful consideration by both buyers and sellers in navigating the current real estate landscape.

 

At PRODUCER Realty, our evaluations of property values are guided by the most current information and prevailing market trends. Recognizing the dynamic nature of the real estate industry, our Expert Advisers are dedicated to keeping up with the latest developments to enhance our service to clients.

If you're planning to move to Greenville, South Carolina, you've chosen the right path. Over time, Greenville County has transformed into a flourishing urban center, gaining recognition as the economic hub of South Carolina. Coupled with a strong economy, you'll discover an array of shops, restaurants, a lively community, events, art galleries, and diverse attractions to savor.

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.

Posted by
 
Keep up with us on Social Media!            
 
Victor Amadi, REALTOR® | Broker-In-Charge | CDPE | CHSA
PRODUCER Realty, LLC
Office:     864-438-5050   
Cell:        864-525-0201
Fax:        1-800-860-0993
Email:     Victor@ProducerRealty.com
Location: 425 N. Main Street, Suite C
                Simpsonville, SC 29681
Show All Comments Sort:
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Victor and thank you for sharing your market report with us here in the Rain.  Hope you are ready for a great weekend.

Jan 26, 2024 09:39 AM
Victor Amadi

Thank you, Will. Have a great weekend!

Jan 26, 2024 02:54 PM