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January 2022 Market Update

What is happening in the Greenville housing market as we enter 2022? We’re continuing to see trends similar to late last year: low inventory, high listing prices, and competitive buyers! But let’s dig into that a little deeper:

Home Inventory: Home inventory is down almost 14% from January 2021 and continues to be a challenge for buyers across the Upstate. The lack of inventory encourages bidding wars and aggressive sellers, driving home prices up higher and higher. If you are currently selling your home or are considering a move – this is good news for you! Now is a great time sell, especially while low but steadily climbing interest rates continue to motivate buyers.

Days on Market: Homes, on average, are staying on the market 31 days. 31 days is 22.5% less than this time last year and less than half the time homes stayed on the market at the beginning of 2020. Most homes we see come on the market are typically under contract within 24 hours. Our team at Hamilton & Co. even had a listing that resulted in 60 showings and nearly 20 contracts in a day! Sellers can be assured that while they may experience a lot of traffic through their home when listing, they will usually only deal with listing appointments for a day or so before accepting a contract. Buyers should be vigilant, watching for homes in their price range and visiting them immediately. Additionally, it is more important than ever as a buyer to invest in an expert local real estate agent who can make sure you see those homes and get a good offer in before it is too late!

Average Sales Price: Not only are homes selling fast in Greenville, they are selling for more than they were last year. The average sales price of all January 2022 listings was $317,519, almost 8% higher than this time last year. A competitive housing market along with the growing popularity of Greenville, SC nationally both contribute to this increasing value.

Percent of Listing Price Received: Last month, we saw buyers in the Upstate paying 100.1% of list price on average. That means many buyers were paying well above listing price. Again, this statistic is in line with what we have been seeing all winter. Buyers interested in becoming homeowners right now need to be aware that the listing price of a home is often just the starting point. Keep this in mind when discussing home financing with your lender. Home sellers, your advice is still the same – list your home!

Are you interested in learning more about Greenville’s housing market? Listen as Dan Hamilton and Buyer’s Agent Shelby Lear discuss current market statistics on Dan’s radio show My Greenville Home. Still have questions? Feel free to give us a call at 864-527-7685; we’d love to help answer your questions!

A picture of Real Estate Agent Dan Hamilton

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.

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