Greenville Area Home Prices end 2019 up 5.7%
The Greenville area continues to see healthy increases in home values and the area continues to see growth in population and jobs. 2019 ended the year with the median home price up 5.7% to $216,745. The average home price is up 5.1% to $251,673 according to the latest home sales statistics published by the Greater Greenville Association of REALTORS®.
Closed sales we believe is a better measure of the overall housing market than is home price appreciation. Price is a lagging indicator. So if sales fall, normally we would expect to see a softening in home prices. However, we are in a somewhat unique market, especially in certain areas of the Greenville area, where we have a real shortage of property. Anyway, 2019 was yet another strong year for the Greenville Area as 14,574 units sold up 6.5% from the previous year.
Some other key data points to consider:
- Days on Market until Sale saw a slight uptick to 53 days up from 51
- Inventory of homes for sale was up 14.2% overall
- Months supply of inventory also moved up from 3.3 to 3.6 months. This is still a sellers market but it it moving toward a more neutral market. Neutral is typically between 4-6 months of inventory. That said, the Greenville area has many micro markets so be sure to check with your professional REALTOR® when trying to understand a particular property in a specific part of town.
The Greenville Journal also published some great information recently that gives a lot of perspective on the Greenville County real estate market.
About The Author
John Murphy
Husband of 36 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 18-34 and 6 grandchildren. My main work is helping commercial building owners and real estate investors save money on their income taxes by doing cost segregation. I work all over the U.S. but have a lot of clients here in SC and in the southeast in particular. The firm I represent is CSSI, LLC. I love the work! I’ve also been a licensed REALTOR since 2003 and broker since 2007 but my work is limited to just a few clients each year. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either CSSI, LLC or eXp Realty LLC or any other company, organization or group that I might be affiliated with.