Welcome to my latest real estate market update for Greenville, South Carolina! If you're considering buying, selling, or investing in real estate in the area, understanding the current market trends is crucial. In this post, I break down the key statistics for June 2024, providing you with valuable insights and actionable tips to navigate the evolving landscape. Let's dive in!
Market Statistics Breakdown:
Average Home Prices: The average home price in Greenville has increased from $383,889 in June 2023 to $402,501 in June 2024, reflecting a 4.8% rise in property values. Compared to last month (May 2024: $390k) average home prices continue an upward trend!
Average Days on Market: Homes are staying on the market slightly longer, with the average days on market being 40 days in June 2024. However, there is a noticeable improvement from May (2024), where average days on market was 46.
Inventory Levels: The months supply of inventory has significantly jumped from 2.4 months in June 2023 to 3.8 months in June 2024, a substantial 58.3% increase. This figure remains consistent with the inventory levels observed in May 2024.
Percentage of List Price Received: Sellers are receiving slightly less than their asking price, with the percentage of list price received decreasing from 99.1% in June 2023 to 98.7% in June 2024, a minor drop of 0.4%.
Closed Sales: The number of closed sales has decreased from 1,599 in June 2023 to 1,552 in June 2024, marking a 2.9% decline in market activity.
What Does This Mean For You?
For Buyers:
With an increase in inventory levels, buyers have more options to choose from. However, with average home prices rising, it's essential to act quickly when you find a property that meets your criteria. Always consider getting pre-approved for a mortgage to streamline the buying process.
For Sellers:
While homes are taking a bit longer to sell and the percentage of list price received has dipped slightly, the increase in average home prices is good news. Pricing your home competitively and staging it effectively can help you attract serious buyers and achieve a favorable sale.
For Investors:
The Greenville market continues to show growth, with rising property values and increased inventory levels. This presents opportunities for strategic investments, particularly in properties that may have been overlooked in a less competitive market.
My Tips for Navigating the Market:
For Buyers:
Get pre-approved for a mortgage to strengthen your negotiating position.
Be prepared to act quickly when you find a suitable property.
Work with a knowledgeable real estate agent who understands the local market [I.E. Me!].
For Sellers:
Price your home competitively to attract serious buyers. I'm happy to provide a comparative market analysis for you, click the button below for my INSANT home value tool as well.
Stage your home to highlight its best features. I have great contacts if needed!
Be patient and prepared for negotiations, as buyers have more options.
For Investors:
Look for properties with growth potential in up-and-coming neighborhoods.
Consider the long-term appreciation prospects of your investment.
Work with a real estate agent who can provide insights into market trends and opportunities [Again: Me!].
The Greenville real estate market has seen some notable changes over the past year. With rising home prices, increased inventory levels, and a slight cooling in sales activity, it's more important than ever to stay informed. Keep an eye on these trends, and don't hesitate to reach out for expert guidance tailored to your unique situation. Stay tuned for more updates, and happy house hunting!
Ready to make your move in the Greenville real estate market? Contact me today for personalized advice and to explore available properties that meet your needs. Whether you're buying, selling, or investing, I'm here to help you navigate the market with confidence. Don't miss the helpful links below!
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