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

Updated January 19, 2023

 

December 2023 Greenville Real Estate Statistics

Average Sales Price
$367,498

*4.8% year-over-year increase

Average Sales Price in December 2022: $350,548

Median Sales Price
$315,000

*6.7% year-over-year increase

Median Sales Price in December 2022: $295,250

NOTE: The averagesales 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 December 2023.

 

New vs. Sold Listings

1,040 vs. 1211

December 2022 New Listings: 957
December 2022 Sold Listings: 1228

There were 1,040 new listings submitted to our MLS last month. That was 8.7% more than the previous year. There were 1,211 homes sold last month, a 1.4% decrease year-over-year.

Inventory of Homes
3,726

Inventory of Home in December 2022: 3,249

*14.7% y-o-year increase

There were only 3,726 active real estate listings in Greenville last month. There were 3,249 active listings last year in December. That's a 14.7% increase in available homes for sale from the same time a year ago.

Days on Market
52 Days

December 2022: 43 Days

The average days on the market for homes listed in December 2022 was 43 days. That’s 20.9% longer than the same time period last year.

 

Price Trend in GreenvilleReal Estate Market

The market trend reflects the home value index for December 2023, going back 10 years.

 

Historical Inventory of Homes for Sale by Month in GreenvilleReal Estate Market

source: GGAR

 

Is Greenville in a buyer's or seller's market right now?

Greenville is a Seller’s market in DECEMBER 2023

The latest data from the National Association of REALTORS® (NAR) paints a mixed picture of the U.S. existing-home market. After five consecutive months of decline, existing-home sales finally saw a modest 0.8% increase from the previous month, breaking a 13-year low. However, compared to the same period last year, sales were down by 7.3%. Affordability challenges continue to be a hurdle for prospective buyers.

Locally, in Greenville SC Real Estate Market, this period, new listings showed a promising 8.7% increase, totaling 1,040 properties. However, pending sales took a hit, decreasing by 29.7% to 574 units. Inventory levels grew by 14.7%, reaching 3,726 units, but it seems this increase may not be enough to meet demand.

Despite the increase in inventory, the median sales price rose by 6.7% to $315,000. This rise in prices may be attributed to the low supply of available homes and the persisting demand. The days on market increased by 20.9% to 52 days, indicating that homes are taking longer to sell. The Months Supply of Inventory also increased by 20.0% to 3.0 months, suggesting a relative increase in supply compared to demand.

Nationally, low levels of inventory continue to impact U.S. home sales, with only 1.13 million units available for sale going into December. This represents a 1.7% decrease from the previous month but a 0.9% increase from the same period last year. The current 3.5 months’ supply at the current sales pace indicates that supply is still lagging behind demand.

NAR reports that the median existing-home price rose by 4% annually to $387,600, marking the fifth consecutive month of year-over-year price gains. Homebuyer demand is on the rise, but without a significant increase in supply, experts anticipate that home prices will likely remain elevated for some time to come. Overall, the market is navigating challenges such as affordability issues, fluctuating mortgage rates, and a persistent imbalance between supply and demand.

 

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.

 

*Based on information from GGAR, for the period December 1, 2023, through December 31, 2023.