The real estate market in Greenville stayed strong in February, with existing home sales up 6.7% according to the National Association of REALTORS®. Experts speculate rising interest rates are the cause of this increase in sales as buyers rush to lock in their home purchases. Keep reading to gain further insight into Greenville’s real estate market:
Home Inventory: Home inventory shrank by a little over 1% compared to this time last year There are a couple possible explanations for this. One reason – the same rising interest rates pushing new buyers to lock in home prices are making potential sellers sit on their investments. Homeowners who have purchased or refinanced in the last year especially want to hold on to their all-time low rates. Another possible explanation is the increased difficulty of a local move discouraging potential sellers from listing. Low inventory, high demand, and increasing prices all complicate what would normally be a simple move across town and as a result, further drive inventory down.
Days on Market: Homes, on average, are staying on the market 30 days before selling, down almost 35% from last February. Though homes are staying on the market slightly longer compared to recent months, inventory is still moving quickly. At Hamilton and Co., most homes we list and show our clients here in Greenville are under contract within 48 hours of listing. Buyers should see these statistics and adjust expectations accordingly. When looking for a home, be prepared to move quickly and decisively, but understand you may miss out on a home despite a great offer. Buying a home in this market takes patience and an expert buyer’s agent on your side. Potential home-sellers — sell now! With inventory low and moving quick, your home will be popular when it comes to market.
Average Sales Price: Homes in the Upstate sold for an average of $336,272 in February, more than 16% higher than this time last year. Year-to-year, we’ve since a 13% increase in home sales price overall and an increase from $317,519 in the last month. While sales price cannot clearly indicate home value, in our team’s experience, appraisers are assessing home value near or at selling price on many of the homes we encounter. This is great news if you are a homeowner; you are consistently earning solid equity in your home month over month. If you’re at a stage of life that dictates an home change, now may be a great time to cash out and upgrade your square footage, location, or amenities! If you are renting in the Greenville area, buy fast. Increasing home equity only hurts renters in the long run (check out our latest social post to learn why).
Percent of Listing Price Received: For the fourth month in a row, we are seeing a percentage of list price received over 100% – specifically 100.2%. What does this mean? This means that on average, a home seller is receiving slightly over asking price on their home. This figure indicates the buyer demand and subsequent bidding wars in Greenville aren’t slowing down anytime soon.
This month’s figures all point to one message: in this market, potential sellers should sell soon and buyers should practice patience. With interest rates on the rise we hope to see a return to equilibrium in the near future, but Greenville’s growing popularity may stall that progress.
Dan Hamilton is the founder of Hamilton & Co. and the lead listing agent for the team. He is the only agent in the Upstate endorsed by Shark Tank star and real estate mogul Barbara Corcoran. Additionally, Dan hosts a weekly radio show on The Answer 94.5 and 106.3 WORD giving tips and advice on real estate and is a frequent contributor for real estate on Your Carolina TV show on WSPA Channel 7.