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Home Truth About the Greenville SC Real Estate ...

Truth About the Greenville SC Real Estate Market

Greenville SC Real Estate Statistics
I have found that there is a significant lack of reliable information and statistics on the internet pertaining specifically to the Greenville real estate market. 

Over the past few months, we have heard terrible things on the national news regarding the real estate market.  I find this to be irresponsible on their part, given the fact that many markets around the country are still doing very well.  

As I hope the information below will show, the Greenville 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, and Greenville being just a great place to live!

How about some quick facts before we get into the real estate statistics?
  • In January 2008, the average real estate sales price in Greater Greenville was 36% lower than the average sales price of homes in the United States.  The US average was $288,000, while the Greenville average was $183,565.
  • As of right now (3/2/08), the average price for regular unleaded gasoline in the US is $3.158/gallon, while the average in South Carolina is currently $3.038/gallon, a difference of about 5.5%. I filled up this morning in Greenville, SC for $2.89/gallon.
  • Cost-of-living in the following cities compared to Greenville, SC:

 

NYC, NY

LA, CA

Chicago, IL

Pittsburgh, PA

Dallas, TX

Groceries

+39.98%

+24.52%

+13.14%

+1.63%

+4.31%

Housing

+79.41%

+69.97%

+39.86%

+15.59%

-2.10%

Utilities

+41.85%

+12.72%

+21.71%

+18.66%

+23.09%

Transportation

+19.23%

+14.66%

+14.25%

+3.29%

+9.53%

Healthcare

+20.44%

+7.84%

+5.97%

-16.45%

-1.87%

*Based on data from ACCRA, Inc.
Greenville SC Real Estate Statistics
I have taken a significant amount of time compiling sales data from the past 5 years.  I have created the charts below by taking data from the Greater Greenville MLS.  This data represents the single-family homes sold from 1/1/2003 through 12/31/2007.  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 single-family homes sold by calendar quarter.  I have separated new construction and resale homes.  Although the number of single-family homes sold in 2007 have slipped 3.9% compared to 2006, keep in mind that 2006 saw an astounding increase of 9.56% over 2005.  2004 & 2005 also saw dramatic increases over their previous years, an average 14.5% for each year!  Therefore, in the big picture, a 3.9% decrease in 2007 was very minimal.
 



The next chart depicts the average sales price of single-family homes in Greater Greenville, and resale homes have also been separated from new construction.  You will notice that home prices have been steadily increasing over the past 4 years, and even the 4th quarter of 2007 saw an increase in price of 6.8% compared to 4th quarter of 2006.  Overall, the sales price of an exisiting single-family home has increased by an average of 2.86% per year since January 2003.  This stable appreciation is another reason why the Greenville market continues to thrive while other markets may be falling.
 



The final chart depicts the time it takes to sell an existing single-family home in the Greater Greenville market.  This duration is based on the time from the day the listing is entered into the MLS, until the day a contract for sale is negotiated and signed.  As you will see, the average time it takes to sell a home in Greater Greenville has decreased by an average of 4.72% per year since 2003.
 



I hope this information helps in your decision to either buy or sell a home in the Greenville 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 don't hesitate to ask.