The important details you need to know about our housing market.

As we enter the spring season, it’s important to understand the health of the real estate market in our area. Whether you’re a buyer, seller, or real estate agent, having a grasp on the current state of the market is valuable information. Today, we’ll take a look at the data and what it means for everyone in the Greenville real estate market. 

Right now, in the Greater Greenville MLS, there are 2,152 single-family homes, approximately 61 condos, 344 townhomes, and 57 manufactured homes available. During the first quarter of the year, 3,229 sales took place, averaging around 1,079 closings per month. These three months typically have the lowest volume of sales, so we can expect the number to increase significantly over the next few months.

For those who closed in the first quarter, the median days on market was 30 days. During the same period, the median list price was $199,900, and the median sales price was $200,960. Based on the numbers above and the fact that multiple offers are still prevalent in the market, sellers still have the advantage. However, they need to be less aggressive with their asking prices. While they still have the upper hand, it’s important to keep in mind that buyers are becoming more selective. Therefore, sellers must be strategic with their pricing and have a realistic expectation of their home’s value.

“It’s crucial to stay up-to-date on market trends and understand what’s happening in your local area.”

On the other hand, what does this mean for buyers? First, buyers don’t have to offer over the asking price, but they still need to be competitive. For homes that have been on the market for a few weeks, there may be some room for negotiation. However, for homes just hitting the market, buyers shouldn’t expect sellers to quickly agree to any offer.

Lastly, real estate agents need to be prepared to answer as many questions as possible from their clients. It’s crucial to stay up-to-date on market trends and to understand what is happening in your local area. Understanding the numbers and knowing how to interpret them can be beneficial in guiding your clients in their real estate decisions.

At the end of the day, understanding the health of the real estate market is crucial, whether you’re a buyer, seller, or real estate agent. If you have any questions or want to know more about the real estate market in Greenville, don’t hesitate to call or email me with any questions. I look forward to hearing from you.