Understanding Greenville's real estate market & why it matters? The real estate market is always buzzing, and October 2024 is no different for Greenville, South Carolina! Whether you're looking to buy, sell, or invest, staying updated and in the know about local market trends can help you make informed decisions and seize opportunities. Let's dive into the latest stats and explore what they mean for you!
Key October 2024 Market Insights
Let’s break down the stats for October 2024 and see how they stack up against September 2024 for an even clearer picture of Greenville’s real estate trends:
Average Sales Price: $415,403
Up 3.7% year-over-year and a substantial 9.6% increase from $379,048 in September 2024. This shows that demand remains strong, pushing prices upward.
Days on Market: 54
Up from 49 days in September 2024, showing a continued trend of homes lingering on the market a little longer.
Sale-to-List Price Ratio: 98%
Consistent with September’s 98.3%, indicating sellers are still receiving close to their asking prices.
Months of Inventory: 3.8
Down slightly from 3.9 in September, but still reflecting a growing inventory compared to last year.
Closed Sales: 1,299
Up by just 2 from September’s 1,297, showing steady activity in terms of transactions.
What Do All These Numbers Even Mean?
October’s stats reveal a market that’s cooling slightly compared to the frenzied pace of earlier months but still healthy and active. But-keep in mind this is completely NORMAL; real estate market trends tend to be seasonal and we will see a natural slow down with Holiday Season and colder weather. However: Rising prices and steady sales volumes highlight continued demand, while the slight increase in days on market and dip in sale-to-list price ratio suggest buyers are gaining a bit more negotiating power. Keep these trends in mind as you navigate your next move!
Okay but, What Does This Mean for Buyers, Sellers, and Investors?
For Buyers:
It’s not 2021 anymore, but the uptick in inventory gives you more options. Prices are on the rise, so acting sooner rather than later could save you money. Be prepared for slightly longer negotiations, as homes aren’t flying off the market as quickly.
Pro Tip: Get pre-approved for a mortgage to make your offer stand out! Expand your search to areas just outside of the city. Suburbs often offer competitive pricing AND more space.
For Sellers:
Yes, homes are spending more time on the market, but with 98% of list prices being achieved, you’re still in the driver’s seat. Pricing your home competitively and ensuring it’s in tip-top shape can help it sell faster.
Pro Tip: Staging your home could shave off days on the market and help you hit that 98% mark—or higher! Also, don't skip professional photography-it's your online first impression!
For Investors:
A 3.7% year-over-year increase in home prices? That’s a green flag for long-term appreciation. And with growing inventory, you’ll have more choices for your next flip or rental property.
Pro Tip: Focus on neighborhoods with a mix of affordability and rising demand for the best ROI. Watch for properties sitting on the market longer, these might be ripe for negotiation.
The Bottom Line
Greenville’s real estate market is thriving, with rising home prices and increasing inventory creating opportunities for everyone. Stay informed, stay flexible, and let’s make your real estate goals a reality. Be sure to check back here for more updates—and don’t hesitate to reach out when you’re ready to make your next move!
Ready to Make Your Move? Let’s Talk!
Whether you’re ready to buy, sell, or invest, I’m here to help you navigate Greenville’s ever-changing market with confidence. Contact me today for personalized advice or to explore the latest listings.
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