In October 2023, the housing market in Greater Greenville experienced a slight dip, with 1,229 homes sold, indicating a 0.2% decrease compared to the same month the previous year. The average sales price for the year exhibited a significant rise of 6%, climbing from $360,181 in 2022 to $381,652. Additionally, the average duration a property remained on the market increased from 32 to 41 days between October 2022 and October 2023. The list price percentage saw a minor decline, dropping from 98.7% to 98.3% this year. Moreover, the number of houses available for sale in the market rose by 14.2%, increasing from 3,565 last year to 4,072 this year.
Looking at the broader picture, the total housing inventory entering October stood at 1.13 million units, showing a 2.7% increase from the previous month but an 8.1% decrease compared to the same period last year. This translates to a 3.4 months' supply at the current sales pace, according to NAR. The scarcity of homes for sale is posing challenges for buyers in finding available properties, simultaneously driving up sales prices nationwide. The median existing-home sales price rose by 2.8% annually to $394,300, marking the third consecutive month of year-over-year price increases.
What this means for you
The October 2023 report on the Greater Greenville housing market reveals a nuanced landscape. While there's a marginal decrease in homes sold, a noteworthy 6% increase in average sales prices suggests a market with appreciating property values. Buyers may face heightened competition and rising prices, as the 8% growth in available homes is accompanied by a longer average time on the market (41 days). For sellers, the report signals an opportunity to capitalize on the upward trend in home values, although they should navigate a potentially competitive market. Nationally, the housing shortage persists, contributing to increased prices, emphasizing the broader challenge of low inventory affecting both local and national markets. Overall, the dynamics suggest a market balancing between supply and demand, influencing both buyers and sellers in different ways.
At PRODUCER Realty, our assessments of property value are guided by the most up-to-date information and prevailing market trends. We recognize the dynamic nature of the real estate industry and are dedicated to keeping our Expert Advisers informed about the latest developments to enhance our client service.
If you're contemplating a move or considering relocating to Greenville, South Carolina, you've arrived at the ideal destination. Over time, Greenville County has transformed into a flourishing metropolis, now acknowledged as the economic hub of South Carolina. In addition to a robust economy, you'll discover a diverse range of shops, restaurants, a lively community, events, art galleries, and numerous attractions to relish.
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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