Market Update: March 2023

Happy Spring! As the weather gets warmer, I’m happy to bring some good news for potential buyers looking for real estate in Greenville, South Carolina…

The desirable housing market that was named the hottest in the country just a few months ago is finally showing some signs of cooling.

The 2022 study by Porch.com looked at the following indicators: prices and sales trending up, quick sales, low inventory and rare price cuts. They compared 93 of the nation’s metropolitan areas and listed them as if they were on a thermometer. Greenville, South Carolina, came in the hottest at 88.9 out of a possible 120 degrees.

However, the market is showing signs of normalizing – potentially in part due to rising interest rates. It seems the days of buyers willing to waive inspections and make all-cash offers above appraisal values may be behind us. The percentage of closed sales has fallen, and the competition is not as fierce as it was at the height. There’s more inventory on the market.

However, prices are not going down. In November 2022, the median listing home price in Greenville, SC was $344.9K, trending up 15% year-over-year. The median listing home price per square foot was $170. The median home sold price was $334.9K. Great houses are still getting great offers; it’s just more about product, location and price now.

Though Greenville, South Carolina, is still arguably a sellers market, all this is still great news for potential buyers. Yet, it’s still crucial for buyers to get a top, experienced realtor to help them find the best house, in the best location, for the best price.

If you’re ready to see what’s waiting for you in the South Carolina Upstate, give me a call. I’ll be happy to help.

Sources:

https://www.realtor.com/realestateandhomes-search/Greenville_SC/overview; https://www.thestate.com/news/state/south-carolina/article267131226.html; https://www.postandcourier.com/greenville/real-estate/special-report/an-end-to-the-craziness-as-greenville-real-estate-market-gets-back-to-normal/article_c07d0306-22f7-11ed-bb39-539d99df167e.html