According to GGAR MLS Residential Home Data, the Greenville real estate market is still strong despite the challenges of the pandemic.
The Bottom Line:
While many of the real estate markets have been hit hard by the pandemic, the Greenville housing market has remained relatively strong despite the health crisis. 😲
Let’s take a look at the 2020 real estate market highlights for Greenville:
As we head into the 2nd week of 2021, let’s look at how the housing market in Greenville has fared in the last 12 months. When the pandemic has started, no one knew what would happen and how it would affect the real estate market. The experts predicted the real estate market would crash—but it didn’t. For the last 12 months, we’ve had more homes sold than the year before. Last year’s inventory of homes for sale also shrank causing home prices to spike in Greenville at a greater percentage than the national economy.
What Happened in Greenville Real Estate in 2020
1. There is a 10.6% increase in the total sales price. This means the average appreciation of homes increased in the Greenville area, so if you bought a house last year, your home has now increased by 10% in value.
2. In 2019, there were 14,601 home sales. In 2020, there were 16,044 home sales. There is an of 9.08%.
- Of that 16,044 homes sold, 22.5% were new construction homes.
- People who lived in their homes for less than 10 yrs are not selling.
- Homes that are 11-20 yrs of age are the largest percentage of homes that were sold in 2020.
- Of the homes that were sold in 2020, 22.7% were built 11-20 yrs ago.
- The bulk of homes were sold in Simpsonville and Spartanburg area.
Three hottest areas to move in:
- Lower Spartanburg area – 10.46% homes sold
- Five Forks area – 9.2% homes sold
- Paris Mountain – 7.8% homes sold
Others: Every other area has below 5% homes sold
3. List to sell price of 97.1% in 2019 increased to 98.1% in 2020. The negotiation window of homes in the greater Greenville area has dropped by 1%. If you negotiate 3% off of the list price, you may be giving too low of an offer and knocking yourself out of the ability to buy the home.
The real estate market in Greenville, SC has never been better. It really picked up steam in mid-March and it hasn’t slowed down. In fact, prices are up on average in our area over 10 percent from a year ago. There is a huge demand for listings in several key areas in Greenville from GTA buyers who are anxious to find sanctuary, safety, and space. As a result, when a listing does come to market it sells very quickly, often with multiple offers. If you are thinking of selling there has never been a better time.
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