Greenville Real Estate Market Prices, Trends & Forecasts 2023

As the Greenville real estate market rolls into the second half of the year, would-be homeowners and home sellers should take care to enter the market sooner than later. Given that the ideal time for buying and selling real estate is between the months of May and August, both parties only have about a short amount of time left before the market cools down. Fortunately, the Greenville real estate market is one of two markets in South Carolina expected to enjoy a successful run for the rest of the main housing season.

Whether you’re looking to buy, sell, or invest in a new property, now is the time to take action. This analysis contains everything you need to know about the Greenville real estate market, including home values and interest rates, migration growth, foreclosure statistics, and the best neighborhoods in Greenville.

All in all, the Greenville housing market is slated for a fair amount of activity for the remainder of the hot season.

 

The general atmosphere of the current market is characterized by an increase in home values and interest rates due in part to a rapidly growing population.

 

According to the latest report in June by the South Carolina Association of Realtors, home values have been on a steady incline. The median sales price for all properties increased by 6.6% compared to this time in 2022. In addition, the number of active listings has increased as well, thanks to diligent efforts for home construction to meet the area’s rising demand. The increase in housing supply will prove essential in balancing the market and accommodating the city’s population growth.

 

South Carolina’s interest rates have more or less been rising in accordance with the national rate, with little deviation. Compared to the previous year, these rates have soared across the board. Homes that might have been within your budget at the beginning of the year have now likely exceeded it. It’s imperative to speak with a real estate professional to discuss further local market dynamics. 

 

The Greenville housing market will favor landlords. Condo inventory has increased by 48.1%, with 456 active listings as of June 2023. The National Association of Realtors has also voted Greenville as one of the top ten markets in the whole country, making it a worthwhile market to invest in.

 

Greenville experienced significant population growth from 2020 to 2022; roughly 21,000 people migrated from various states in the span of two years. The population continues to grow year-by-year and is expected to have a total of 220,000 new residents and 86,000 new jobs by 2040. As more people flock to Greenville, the housing market will continue to thrive.

 

As of June 2023, the median home price for single-family homes and condos has increased compared to the previous year in the Greater Greenville area. The median price for a single-family home has increased from $294,862 to $314,990, a positive change of 6.8%. For condos, the median price has increased from $241,000 to $261,972, a positive change of 8.7%. Overall, home prices have been on the rise throughout the year.

 

The short answer: yes. The long answer: the uptick in active residential listings presents a prime opportunity for home buyers to find and buy a home as soon as possible while also offering investment options for landlords and homeowners in search of a second home. Homes may be renovated and sold for a considerable profit in the coming year or transformed into rental properties for additional income.

Here are five upscale neighborhoods in Greenville you may be interested in for the most beautiful homes.

 

One of the oldest neighborhoods in Greenville, Hampton Pinckney is the birthplace of the textile industry in the early 19th century. Today, the neighborhood is home to a close-knit community and features classic Victorian architecture scattered throughout its historic district. You’ll also find some newly-renovated homes.

 

Situated to the north of downtown Greenville, the North Main Community is a quiet, family-oriented neighborhood with historic homes, a district lined with small, local businesses, and beautiful parks perfect for winding down in the spring and summer. The best part? The community is within walking distance of the rest of downtown Greenville and the ever-popular Falls Park on the Reedy.

 

Alta Vista is a quaint, historic neighborhood in close proximity to the Greenville Zoo, Cleveland Park, and the Swamp Rabbit Trail, distinguishing it as an ideal location for children to enjoy the outdoors. Much like the North Main Community, Alta Vista is a quiet neighborhood suitable for families who wish to settle down in someplace comfortable.

 

The Overbrook Historic District is another affluent neighborhood to the northeast of downtown Greenville, featuring craftsman and bungalow-style homes dating from the 19th and 20th centuries. The neighborhood is also reputed for being pet-friendly, with plenty of outdoor activities to enjoy; if you’re concerned about giving your pets the space and exercise they need, the Overbrook Historic District is a top contender.

 

Although Gower Estates is a small community of only about 500 homes, it remains one of the most highly sought out locations in Greenville for a reason. Brand new schools, impressive property lots, plenty of venues for outdoor sports, and a variety of architectural styles make for a worthy community for settling down and raising a family.

For more information on the Greenville real estate market and exemplary customer service, connect with real estate agent Stephanie Burger at your earliest convenience. Communicative, ambitious, and highly resourceful, Stephanie is a one-of-a-kind agent who ventures above and beyond for each of her clients. For a successful and smooth real estate experience, be sure to give Stephanie a call.