The National Real Estate Market Is Currently Stable
Throughout the pandemic, we saw – across the country – many individuals and families moving out of bustling cities to enjoy a more “spread out” life in the country and suburbs. However, that trend is slowing down a bit as interest rates rise.
It no longer makes the same financial sense for homeowners to sell their homes and leave the city for the suburbs as in 2020 and 2021, when rates were low. However, first-time home buyers looking to stop renting in the city and purchase a “forever home” in the suburbs or country now see that space is being made for them in the market as sale prices begin to stabilize.
That said, it’s important to note that although prices are stabilizing and interest rates are high, the housing market is still incredibly healthy. Sellers all over the country are – for the most part – enjoying a healthy return on their investments, while buyers are now finding less intense competition. Homes are still selling for close to asking price, but we aren’t seeing sale prices that are tens of thousands of dollars over asking that we saw a couple of years ago.
How Greenville Real Estate Stacks Up
The real estate market in Greenville, SC is booming. Earlier this year, Greenville and its surrounding areas were named as one of the Top 10 “Hottest Real Estate Markets” of 2023, and that trend doesn’t look like it will slow down anytime soon. Buyers are still actively – and excitedly – looking to move into the Greenville area to enjoy all of the amenities we offer – from great schools to an amazing arts and culture scene, wonderful restaurants, and gorgeous outdoor and recreation spaces.
As far as housing prices in Greenville are concerned, they saw a huge jump during the first part of the pandemic, and since the supply of properties in the area still isn’t quite meeting the demand, we’re still in a seller’s market.
However, we’re noticing that prices are beginning to even out, which is also great news for buyers! From 2021 to 2022, we saw a nearly 20% increase in housing prices at this time of year, but from 2022 to 2023, we only saw a 2.5% increase. Greenville-area buyers will also benefit from the fact that houses are staying on the market a little bit longer than they were at this time last year. The competition has slightly cooled off, and – just as we’re noticing nationally – we don’t see incredibly intense competition for properties with huge over-asking, no contingency sales.
If you’re ready to buy or sell in the Greenville area, let’s chat!