Greenville in South Carolina is a stunning place, full of natural beauty, but also big-city convenience. The sixth largest city in the state, it enjoys a thriving job market, provides a very high quality of life, and has some amazing real estate. With so much to offer, it’s easy to see why Conde Nast Traveler readers named it one of the best cities in the country.
If you’re looking to make an investment in Greenville, SC’s housing market, you’ll want to know the recent history, current trends, and where it’s possibly heading in the future. Here, we’ll take you through the real estate market of Greenville, SC to arm you with the information you need.
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Greenville’s Real Estate Market 2022
Coming out of a great year in 2021, Greenville, SC’s housing market was poised for another excellent run in 2022. It started the year strong with the median home price at $299,900, a 13.26% year on year increase from 2021.
By July 2022, the average listed price for homes for sale in Greenville, SC jumped up to $348,900, a 16.34% increase from the first quarter. This momentum was sustained throughout the year, with a slight decline in December. The market ended the year with median home prices at $339,700 and an average of 45 days on the market.
What should be noted is that traditionally, the listed price closely matched the final sale price with a ratio Sale-to-list Price of 98.43. This tells us that over the course of the last few years, homes have pretty much sold close to their asking price. It is notable however that in the first quarter of 2023 there was an increasing difference between listing price and sold price.
In January 2023 the median listing price was $336,012, while the median sale price was $301,495. This is almost an 11% difference, with home sellers receiving considerable less for their homes than the traditional difference of 1.27%. This is a trend that has continued through to March 2023.
Reasons for the Difference in Listed and Sale Price
The market frenzy that affected the whole real estate market in the early 2020s began to correct itself in the middle of 2022. Interest rates were raised to avert a possible overheating in the market and steer it to much more sustainable levels of growth. Home prices across the country began to stablize and in many areas even decline. This pattern was evident throughout the latter half of 2022. However, in Greenville, SC, although prices did stabilize and even slightly fall, the fall was not as pronounced as in other parts of the country. This encouraged home sellers to maintain relatively high listing prices for their properties. It was only in January 2023 that there was a significant drop in sales price in the area, a trend that continued through to March 2023. It seems that the median price of houses sold in Greenville has stabilized to around the $335,000 mark.
What’s Ahead: 2023
Greenville’s real estate market entered 2023 in a state of balance. Home prices in January 2023 remained the same as the prior month, but sales started to slow down. The slowdown in sales caused the housing supply to increase, giving buyers more options, time, and negotiating power. Despite the low demand, home prices in Greenville, SC will likely remain at the a median of $335,000.
Experts are showing a lot of confidence in Greenville. With its fast economic development, strong job growth, and continuous migration gain, forecasts indicate that Greenville’s housing market activity will pick back up and outperform other metro areas. The National Association of Realtors included the city in the top 10 hottest real estate markets for 2023.
The Best Time to Buy and Sell
Buying a Luxury Property
With the stabilization of the real estate market of Greenville, the best time to buy is now. Prices reached their peak mid 2022 and homes are now set at much more reasonable prices. The luxury homebuyer can can still expect to pay premium prices , as luxury homes are not as strongly affected by market forces as most ordinary homes. However, given that they still are affected to some degree, there may be opportunities to acquire a luxury home in 2023 which may just have been a little too much in 2022.
The luxury homebuyer also has a great advantage in that if they are able to buy a property outright in cash, interests rates, no matter how high they are, will not be an issue. With sellers becoming a little more flexible and open to negotiation and growth in the area predicted by leading experts, now may be the perfect time to invest.
Selling a Luxury Property
For those looking to sell, now would also be a opportune time. It’s true that if you had sold your property back in the middle of 2022, it would be likely you would have gotten the best return on your investment. However, if you sell now, you would still reap considerable equity from your home.
If for example, you had bought your home in April 2020, it would have been likely that you would have paid around the median sold price of $218,000. Selling that property only 3 years later, and you would be able to sell for around $337,000. Over 3 years, you would have gained $119000 in equity.
A seller may wish to hold on to a property in the hopes of a sudden price increase, but forecast would suggest that booming home prices won’t be happening anytime soon as the market looks towards sustainable and steady growth.
Homes for Sale in Greenville, SC
Greenville, SC offers some of the most sought-after properties anywhere. From modest single-family homes to sprawling luxury properties, there’s a property type that can suit almost any lifestyle. They come in a variety of architectural styles ranging from timeless classics to contemporary masterpieces.
Property Types
Single-Family Homes:
Single-family homes dominate Greenville’s housing market. Many are spacious and come with large yards, multiple bedrooms, and open floor plans. Often they also come with additional features like pools and outdoor kitchens, making them a great option for growing families and those who love to entertain.
Condos:
Condos are popular for homebuyers who value convenience and low-maintenance living. Many of them are located in the heart of the city. Restaurants, entertainment options, and other urban comforts are just moments away.
Historic Homes:
Greenville is home to an impressive collection of historic homes ranging from expansive estates to cozy bungalows, most of which date back to the 19th century. These homes have been carefully renovated and upgraded to provide current features while preserving their intricate architectural detail and historic charm.
Luxury Homes:
Greenville is quickly making a name for itself in the world of high-end homes. The luxury homes in the city epitomize southern charm and sophistication with their stunning architecture. They also often come with top-of-the-line amenities that will impress even the most discerning buyers.
Architectural Styles
Greek Revival:
The Greek Revival style peaked in the mid-19th century and is characterized by its tall columns and symmetrical facade. It’s a prominent style in Greenville. Many of those standing today were made during the antebellum period when plantation owners sought to create grand estates that reflected their status.
A great example of this style in Greenville is the Kilgore-Lewis House, built in 1838. This stately home was carefully restored to preserve its original beauty with its intricate plasterwork and ornate architectural details.
Craftsman:
Popularized during the turn of the 20th century, this architectural style is known for its cozy feel, emphasis on natural materials, and lack of ornamentation. Its defining features include low-pitched overhanging roofs and exposed beams.
Many of the Craftsman homes in Greenville, built in the 1920s and 1930s, have been carefully restored to their original beauty. A notable example of this style in the city is the J. P. Reed House, a charming bungalow built in 1910.
Victorian:
Victorian homes rose to popularity during the second half of the 19th century, and they’re characterized by their ornate designs and asymmetrical floor plans. With their iconic towers, turrets, and dormer windows, you’ll immediately recognize them, even from afar.
Greenville’s Hampton-Pickney Historic District features many impressive examples. This includes styles ranging from Queen Anne and Italianate to Gothic Revival-inspired homes.
Best Neighborhoods in Greenville, SC
Downtown Greenville:
The beating heart of Greenville, the downtown area is an easy choice for urban dwellers looking for convenience, culture, and entertainment. There’s a plethora of attractions throughout this part of town which include a great mix of dining options, shopping destinations, museums, theaters, and parks.
Real Estate Snapshot
Downtown Greenville’s housing stock mostly consists of apartments and condos offering the best views of the cityscape.
Augusta Road:
Homebuyers often flock to Augusta Road, where the laid-back atmosphere is complemented by accessibility. Found in the southern part of Greenville, this neighborhood features tree-lined streets and some of the best dining options in the city. It’s also a go-to shopping district where you’ll find a mix of various specialty stores.
Real Estate Snapshot
Augusta Road is known for its luxurious and expansive historic homes complete with large porches, well-manicured lawns, and sweeping driveways. Its gorgeous outdoor space is one of its key features, making it ideal for those raising a family.
North Main:
A couple of minutes north of downtown Greenville will lead you to North Main, one of the most coveted neighborhoods in the city. Proximity to the city’s amenities, its tranquility, and its family-friendly atmosphere draw homebuyers to this location. And with its expansive parks and trails, there’s always something to do in the area.
Real Estate Snapshot
What sets North Main apart is how the neighborhood has preserved its beauty and historic charm. The homes range from modest houses to grand estates, most of them dating back to the 1900s.
What’s Next for Greenville?
This dynamic city has been steadily developing in recent years. With its thriving economy, a revitalized downtown, and commitment to sustainability and innovation, it’s becoming a model for every city in the region and across the country.
Those who are considering moving to Greenville or investing in its real estate market will be pleased that the city has forged ahead with robust development plans. Here are some of the best ones to look forward to:
Camperdown is an ongoing project that has made waves in downtown Greenville during the past years. With a $200 million price tag, this mixed-use development is promises to boost an already strong economy. It’ll span 6 acres and will feature a 16-story hotel/office space tower, retail spaces, and a public plaza that’ll come with water features and a stage for live performances.
Another ongoing development, the West End redevelopment project aims to give one of the most vibrant corners of Greenville a facelift. It includes refurbishing several historic buildings, many of which have been around for over a century, and creating a new park.
One of the most exciting aspects of this project is its focus on prioritizing creating more pedestrian and bike-friendly infrastructures. With wider sidewalks, better bike lanes, and improved crosswalks, the West End will be more accessible than ever before.
The County Square is a government office complex found in downtown Greenville. It has served the community for decades, and now it’s being transformed into a vibrant mixed-use development that’ll revitalize the surrounding area. It’s one of the city’s biggest projects spanning over 40 acres with an investment of $1B. .
The project will include a brand-new County Square admin building, hotels, luxury rental homes, and 250,000 square feet of retail, dining, and entertainment space. It’s set to be completed in the summer of 2023.
Invest with Greenville, SC Real Estate Market Experts
Once you’re ready to invest, call the specialist real estate agents in Greenville, SC. Ink Properties LLC is a dedicated team of trusted local experts who fully understand the city’s housing market and its trends. Led by Brandon Hall, Ink Properties has built a reputation for providing expert assistance to buyers and sellers, helping them achieve their financial goals. Leveraging years of combined experience in real estate, marketing, sales, and law, they make your buying or selling journey smooth and successful.
Ready to start your real estate journey? Don’t hesitate to call 864.565.0000 or send a message today.