In January 2024, the Greater Greenville SC housing market experienced strong activity, with 878 homes sold, reflecting a noteworthy 13.3% surge compared to the same period last year. Notably, the average sales price exhibited a substantial uptick of 7.2% from 2023, reaching $378,359, compared to $352,791 previously. The average days on market also saw a slight increase, rising from 49 days in January 2023 to 51 days this year. Median sales price followed suit, rising by 4.2% from $299,000 to $311,500. While there was a marginal decrease in the list price percentage, dropping from 97.8% to 98.1%, the number of available homes for sale witnessed a significant uptick of 24.4%, climbing from 3,082 in the previous year to 3,834 in 2024.
The ongoing shortage of available housing has supported home values countrywide, even in the face of weak sales activity. According to NAR, the median existing-home price increased 4.4% year to $382,600. As of January 1, there were one million unsold units overall, down 11.5% from the previous month and good for 3.2 months' supply at the current sales rate. Listing activity has begun to increase nationally, and in the upcoming months, inventory is anticipated to improve as mortgage rates stabilize and housing completions increase.
What it means for you
The January 2024 housing market in Greater Greenville, SC, showed robust activity, with a notable increase in both the number of homes sold and the average sales price compared to the same period last year. This suggests a competitive market environment for buyers, with limited supply and rising prices. For sellers, the market remains favorable, with strong demand and the potential for higher selling prices. However, sellers should be aware of potential future changes in market dynamics as inventory increases nationally, which could lead to less upward pressure on prices. To navigate these dynamics and make informed decisions, it is advisable to consult with a real estate professional who can provide personalized insights based on the current market trends and future projections.
You've come to the correct place if you're thinking of moving to Greenville, South Carolina. Greenville County has developed into a bustling metropolis over time and is now acknowledged as the center of South Carolina's economy. There are plenty of stores, dining options, events, a thriving community, art galleries, and other activities to enjoy in addition to a robust economy.
At PRODUCER Realty, we base our evaluations of property values on current data and industry patterns. We recognize that the real estate market is constantly changing, and in order to provide our clients with the best possible service, our Expert Advisers are dedicated to keeping up to date on the latest trends.
Call us if you'd like more information about the Greater Greenville, South Carolina, region market. Feel free to get in touch with our team at 864-438-5050 or visit our website at www.GreenvilleRealEstateHub.com.
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