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.
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, a continued influx of new companies, and Greenville being just a great place to live! Aside from job transfer, I would easily say that cost-of-living is the number one reason I hear from people looking to move to the Greater Greenville area.
How about some quick facts before we get into the real estate statistics?
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The median sale price of an existing single-family home in Greater Greenville was 26.1% lower than the median sales price in the United States for May 2010. The US median sale price was $196,000, while the Greenville median was $145,000.
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As of right now (8/17/2010), the average price for regular unleaded gasoline in the US is $2.752/gallon, while the average in South Carolina is currently $2.490/gallon, a difference of about 9.5%. Currently, gas prices in Greenville, SC range from $2.35 to $2.47 per gallon for regular unleaded. This may seem irrelevant, but that simple cost-of-living difference means a savings of approximately $200 per year to the average driver, or approximately $35 per month for a two car household.
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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 via e-mail 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 7 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 6/30/10. I will continue to update this at the end of each quarter, so please feel free to bookmark this page, and check back often.
The first chart depicts the number of single-family homes and condos sold by calendar quarter. I have separated new construction and resale homes. This is an area of the Greenville SC real estate market which had seen a decline recently, but this decline is correcting, with year-over-year improvements. Buyers in many markets are hesitant or on the fence about purchasing a home due to constant media about a declining real estate market, and some people in other markets are simply unable to sell their current home and relocate. The elimination of the subprime lending market has also taken certain "under-qualified" buyers from the 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 likelyhood 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. Interest rates are currently at record lows, and despite what you may hear in the media, there are many lenders in the Upstate with lending options that do not require perfect credit or a significant down payment. In fact, there are still loan programs available in the Upstate, which only require 3.5% down, and a minimum credit score of 620.
Overall, the number of resale homes sold in the 2nd quarter of 2010 increased by 21.8% over the 2nd quarter of 2009. This also marks the highest number of home sales since 3rd quarter of 2007. I personally do not feel that the expiration of the tax credit is going to cause a large decline in home sales in the Greenville area, due to continued population growth, job creation in the market, and extremely low interest rates.
Greenville SC Average Sale Price
The next chart depicts the average sales price of single-family homes, condos, and townhomes in Greater Greenville, and resale homes have also been separated from new construction. You will notice that resale home prices have been steadily increasing over the past 6 years. Overall, the sales price of an exisiting single-family home or condo has increased by an average of 1.46% per year since 2003. This stable appreciation is another reason why the Greenville market continues to be a sound investment while other markets see declines in price.
The most recent data shows that the average sale price for resale homes in Greater Greenville, increased by 7.85% in the 2nd quarter of 2010 compared to the 2nd quarter of 2009. You will also notice an increase of 4.29% compared to 1st quarter 2010, a quarter that had already seen an increase of 11.98% compared to 1st quarter 2009. Average prices of new construction continue to fall as builders continue to scale back in "spec" building, as well as reduce prices in order to remain competitive in the market.
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 first entered into the Greenville SC MLS, until the day a contract for sale is negotiated and signed. It is EXTREMELY IMPORTANT to note that as of January 1st, 2009, the Greenville MLS changed the computation of days on market to include any previous listings of the same home without that home selling. This is known as cumulative days on market, which is the reason for the significant increase shown in the data.
Greenville SC Absorption Rate
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 13.5 months, while Greater Greenville currently has an absorption rate of 9 months based on data taken from the Greater Greenville, SC Multiple Listing Service on February 3rd, 2009. The absorption rate for Greater Greenville is actually consistent with a buyer's market. This should come as no surprise since Greenville has always been a buyer's market because supply has always outweighed demand, and always does in a growth 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. While at first it may look like the absorption rate skyrocketed in recent months, this is a result of 4th quarter home sales, which is typically one of the slowest times for home sales in any given year.
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 February 3rd, 2009, 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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