Upstate South Carolina: Market Update
The past few months have been good for the South Carolina residential real estate market, with positive indicators on all fronts: prices, closings, and building permits.
Housing prices were expected to rise in 2015, and the recent numbers have not disappointed. Every market in the Upstate has experienced an increase in the median price of residential real estate.
According to the South Carolina Association of Realtors, and reported by the state’s Department of Commerce, single-family home sales prices in the state as a whole increased by $1,995 to $166,995 in April.1 Specifically in Greenville, the median price has increased over the past year 7.2% from $159,000 in May 2014 to $171,000 in May 2015. The western part of the Upstate, including Anderson, saw a 10% increase in the price of homes.2
The number of homes sold in the Upstate has followed the same trend as median prices,
increasing by an average of more than 10% in May. Greenville had an increase of more than 15%, while Spartanburg increased by 10%. Likewise, the average number of days homes were on the market decreased by nearly 15% in Greenville.2 Foreclosure activity in South Carolina continues to decline, down 12.2 percent year to date.1
With the building season in full swing, contractors are busier than ever. Nationally, building permit activity is up 13.7 percent compared to a year ago, and South Carolina is outpacing the nation. According to the U. S. Census Bureau and reported by the South Carolina Department of Commerce, the number of residential building permits increased by 1,020 permits from March to 3,399 permits issued in April (up 42.9 percent from March level and 43.1 percent compared to a year ago).1