We all know that spring is traditionally the busiest buying season. From March to May, throngs of home buyers are flooding open houses while during the holiday season, the real estate market tends to slow down. This year, however, is not the case, once real estate’s sleepiest month, January could be the start of spring as competition for homes heat up across the country.
According to the recent article by CNBC, competition for housing is so high, the spring market is starting now. Though this trend isn’t exactly new, we have seen a strong activity of home buying in the month of January since 2015. And if this trend continues on, what we know as the sleepiest month in real estate could be the start of the ‘hot’ home-buying season.
According to Realtor.com, January lagged behind April’s listing views by 16% in 2015. But by 2019, February topped listing views, with January trailing by only 1%. January has caught up to previous spring-heavy metrics and claimed the top spot for listing views in 20 of the top 100 markets in the U.S. in 2019. These markets include New York City, Los Angeles, Chicago, Dallas, Houston, Seattle, Atlanta, Denver, and San Francisco. This year, it is expected that January will be the strongest month in other markets across the U.S.
Why January is the new spring
Real estate is all about supply and demand. Low housing inventory has made the home buying process a lengthy search. There is simply not enough inventory that prompted early-season activity. There were fewer homes for sale this year than there were the previous year and fewer affordable homes under $200,000, according to Realtor.com. This year, we will be seeing historic low levels of housing inventory according to the 2020 National Housing Forecast from Realtor.com. If this continues, we will be seeing the same trend next year.
Greenville, SC Market Trend
In November, there were 4,064 active listings in the Greenville, SC real estate market as reported by Realtor.com. As per their real estate data, the number of active listings was 2% down from the previous year. The Greenville SC housing market is somewhat competitive. Homes in Greenville sell in around 66 days. The average median list price of a home in Greenville was $270K, up 3% since last year.
This data reflects that record-low inventory across the U.S. is also reaching smaller markets like Greenville. The demand for inventory is spurring increased competition—another reason buyers are trying to get in early. With buyers facing more competition buyers should get in early to avoid bidding wars. We’ll see most of it heat up as the frenzied demand will continue into spring and early summer.
Buying a Home in Greenville, South Carolina
Whether you are buying a Greenville, South Carolina real estate for investment, retirement home, or your dream home, it is wise to buy a home that you can really afford. Online resources that calculate how much house you can afford like this free spreadsheet can give you a rough estimate but it is still better to consult with your bank or financial adviser. Your bank officer will help you determine how much house you can afford, how much you’ll be able to finance through a loan, and what your monthly payments will be. That will give you a definite idea of your price range and you can target your home search based on your qualification.
Greenville, SC offers a wide range of housing options with price ranges that appeal to families and individuals of all income levels. Below you can search for homes in Greenville, SC. You can narrow down your search if you use the filter option so you can see property listings that fit your price range.
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