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Greenville SC Real Estate Market Data
I have found that there is a significant lack of reliable information and statistics on the internet pertaining specifically to the Greater Greenville, SC real estate market.
Over the past few months, we have heard terrible things on the national news regarding the real estate market. I find this to be irresponsible on their part, given the fact that many markets around the country are still doing very well. In fact, according to the OFHEO's house price index, 33.9% of the 292 metro areas indexed, saw an increase in average sale price in 3rd quarter 2008 compared to 3rd quarter 2007. For the 66.1% of markets which declined in price in the 3rd quarter, they are still averaging a 27.015% increase over the past 5 years! Real estate is a long-term investment!
As I hope the information below will show, the Greenville, SC real estate market is continuing to thrive. I feel that this is due to reasonable home prices, low real estate property taxes, a low overall cost-of-living, and Greenville being just a great place to live!
How about some quick facts before we get into the real estate statistics?
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The median sale price of an existing home in Greater Greenville was 30.4% lower than the median sales price in the United States for September 2008. The US median sale price was $191,600, while the Greenville median was $133,400.
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As of right now (12/2/08), the average price for regular unleaded gasoline in the US is $1.81/gallon, while the average in South Carolina is currently $1.67/gallon, a difference of about 7.8%. Currently, gas prices in Greenville, SC range from $1.53 to $1.59 per gallon for regular unleaded.
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Cost-of-living in the following cities compared to Greenville, SC:
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NYC, NY
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LA, CA
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Chicago, IL
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Pittsburgh, PA
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Dallas, TX
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Groceries
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+39.98%
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+24.52%
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+13.14%
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+1.63%
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+4.31%
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Housing
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+79.41%
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+69.97%
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+39.86%
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+15.59%
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-2.10%
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Utilities
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+41.85%
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+12.72%
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+21.71%
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+18.66%
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+23.09%
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Transportation
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+19.23%
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+14.66%
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+14.25%
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+3.29%
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+9.53%
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Healthcare
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+20.44%
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+7.84%
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+5.97%
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-16.45%
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-1.87%
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*Based on data from ACCRA, Inc.
Greenville SC Real Estate Statistics
I receive this question all the time, so I decided to simply post the most recent data below. The question is, "how many properties are listed in 'X' price range?" I believe that this is an important question to answer, since it shows the value of Greenville SC Real Estate, compared to parts of the country where real estate is much more expensive.
I have taken a significant amount of time compiling sales data from the past 5 years. I have created the charts below by taking data from the Greater Greenville South Carolina MLS. This data represents the single-family homes and condos sold from 1/1/03 through 6/30/08. I will continue to update this at the end of each quarter, so please feel free to bookmark this page, and check back often.
Greenville SC Number of Homes Sold
The first chart depicts single-family homes and condos sold by calendar quarter. I have separated new construction and resale homes. The number of existing single-family homes and condos sold in the 2nd quarter of 2008 has declined from previous years. This is the one area of the Greenville SC real estate market which is seeing a decline. Buyers in many markets are hesitant or on the fence about purchasing a home due to constant media about a declining real estate market. Real estate markets are local, and it is important to consider the fact that prices in the Greater Greenville area are still rising (see next chart), therefore the amount a purchaser can afford now will change in the months and years to come. Interests rates are also fluctuating, and the possibility of a higher interest rate when the purchaser is ready to buy, could have a drastic result on how much home they are able to afford. According to mortgage-x.com, the average interest rate for a 30 year fixed mortgage has increased by .88% in the last 36 months, while the average sale price of an existing home in Greater Greenville has increased by $10,889 (6.7%) over the same time period. The basic result of these changes is an increase in monthly mortgage payment (P&I) of $159.73, or a decline in the amount of home the purchaser can afford by $26,000 based on a 30 year fixed rate of 6%.
Greenville SC Average Sale Price
The next chart depicts the average sales price of single-family homes and condos in Greater Greenville, and resale homes have also been separated from new construction. You will notice that existing home prices have been steadily increasing over the past 5 years, and even the 2nd quarter of 2008 saw an increase in price of 2.23% compared to 2nd quarter of 2007 for existing homes. Overall, the sales price of an exisiting single-family home or condo has increased by an average of 3.14% per year since January 2003. This stable appreciation is another reason why the Greenville SC market continues to be a sound investment while others markets see declines in price.
Greenville SC Average Days on Market
This chart depicts the time it takes to sell an existing single-family home in the Greater Greenville SC real estate market. This duration is based on the time from the day the listing is entered into the Greenville SC MLS, until the day a contract for sale is negotiated and signed. As you will see, the average time it takes to sell a home in Greater Greenville has decreased by an average of 3.77% per year since January 2003.
Greenville SC Absorption Rate
I have decided to add a new chart to my quarterly analysis of the real estate market in Greenville, South Carolina. This graph will depict the absorption rate for single-family homes, condos, and townhomes in the Greater Greenville area.
What is the absorption rate? Well, the absorption rate has been in the national news quite frequently in recent months. The absorption rate should not be confused with how long it would take to sell a home, but the idea behind the absorption rate is to see how long it would take to sell every property currently on the market based on the number of comparable sales within a certain time period. The absorption rate is also sometimes referred to as the current supply of homes in Greenville SC, or supply of existing homes.
The most recent report shows a national average of approximately 11 months, while Greater Greenville currently has an absorption rate of 6.49 months based on data taken from the Greater Greenville, SC Multiple Listing Service from April 2008 through September 2008. The absorption rate for Greater Greenville is actually consistent with a neutral market, rather than a buyer or sellers' market. I have broken this data down by price range, in order to show the variance of absorption rate across different levels of home value. I have also recently added a bar on the graph detailing the overall absorption rate for all properties, regardless of price range.
The absorption rate is also a method in which you determine the type of market:
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Sellers’ Market – Absorption Rates 1-4 months
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Neutral Market – Absorption Rates 5-6 months
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Buyers’ Market – Absorption Rates greater than 7 months
So, as of September 30th, 2008, here is the graph detailing the absorption rate in Greenville, South Carolina.
I hope this information helps in your decision to either buy or sell a home in the Greenville SC area. It is my firm belief that a healthy market is one where prices continue to rise, and the time it takes to sell a home continues to fall.
If you have any questions, please feel free to contact me. Remember, I will be updating this page at the end of each quarter, so keep checking back for updated statistics.
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