Here’s the latest update on the Greenville real estate market. This page is updated every month to keep a running archive of Greenville’s real estate statistics from our local MLS. If you’re moving to Greenville and have questions about Greenville real estate market, don’t hesitate to contact us. We’d love to discuss in detail the activities in our local market. If you’re on the market to sell your home or buy a home, this data will help you gauge if it’s a good time to sell or buy.

The Current State of the Real Estate Market in Greenville

Average Sales Price

$346,953

*1.4% year-over-year decrease
Average Sales Price in March 2022: 
$351,724

Median Sales Price

$299,900

*1.7% year-over-year increase
Median Sales Price in March 2022: 
$295,000

NOTE: The average sales price is the combined average of all sold properties in greater Greenville for the same time period. The median home price is the most common sales price of all the homes sold in greater Greenville from our last month’s sales in March 2023.

New vs. Sold Listings

1,929 vs. 1,427

March 2022 New Listings: 1,773
March 2022 Sold Listings: 1,545

There were 1,929 new listings submitted to our MLS last month. That was 8.8% more than the previous year. There were 1,427 homes sold last month, a 7.6% decrease year-over-year.

Inventory of Homes

3,530

*153% year-over-year increase
Inventory of Home in March 2022: 
1,395

There were only 3,530 active real estate listings in Greenville last month. There were 1,395 active listings last year in March. That’s a 153% increase in available homes for sale from the same time a year ago.

Days on Market

58 Days

March 2022: 29 Days

The average days on the market for homes listed in March 2023 was 58 days. That’s 100% longer than the same time period last year.

Greenville is a balanced market in March 2023

In March, the real estate market in Greenville seemed to be in equilibrium, as both buyers and sellers were cautious and hesitant to make any significant moves until they had a better understanding of where the market was heading. However, home sales continue to dive as they dropped by 7.6% for the seventh consecutive month. One of the main contributing factors to this decline is the increase in mortgage interest rates, which has made it more challenging for potential homebuyers to afford a home.

The number of new listings increased by 8.8% to 1,929, the same goes for the median sales price moving up to $299,900. Days on the market, however, surged by 100% to 58 days, and months of inventory supply increased by 222% to 2.9 months, showing a relative rise in supply compared to demand. However, the slowdown in sales has led to an increase in housing supply, with inventory rising by 153% to 3,530 units.

The slowdown in sales has led to an increase in the average number of days that homes stay on the market in Greenville, which currently stands at 58 days. As a result, sellers are becoming more willing to offer concessions, providing buyers with more time and bargaining power when searching for a home. Although there are more houses available for sale, they are taking longer to sell.

While house prices have remained stable, the slower sales activity means that properties are staying on the market for longer periods of time. The decrease in the number of homes being purchased has contributed to the overall slowdown in the housing market.

Current mortgage rates have continued to negatively impact sales prices in the real estate market, causing them to trend downward. As a result, the National Association of Realtors (NAR) has reported that, for the first time in over a decade, home prices in the country have decreased on a year-over-year basis. This has broken a 131-month streak of annual price increases, which is a significant shift in the market trend.

Is it a good time to buy a home in Greenville, SC?

As the rising costs of homeownership caused some volatility in demand as more buyers find themselves unable to afford the much higher payment, home prices will likely stay even though the demand has lessened.

Whether this is a good time for you to buy a house in Greenville or not depends on your financial situation, goals, and readiness to become a homeowner. If your situation needs to buy a home now, it pays if you understand what you can actually afford. Shop for mortgage rates and find the best lender that will offer you the best financing option.

In this balanced market, sellers are more inclined to give concessions to attract more buyers. It is one of those times buyers should take advantage of. Therefore, it’s essential to have a good Greenville realtor and mortgage lender to help navigate through this market.