Greenville SC Real Estate Market Update – September 2024 Housing Trends & Expert Insights

Welcome to Greenville’s September 2024 Real Estate Market!

If you’re interested in buying, selling, or investing in Greenville, South Carolina, you’re probably wondering what’s happening in this dynamic real estate market. In 2024, we’re seeing significant trends that can help guide you—whether it’s understanding home prices, assessing affordability, or evaluating future demand. Let’s dive in for a full look at what Greenville has to offer!

Home Prices and Price per Square Foot

Alright, let’s start with home prices and price per square foot. As of September 2024, the median sales price in Greenville sits at about $309,000. That’s holding steady even with the cooling market where we saw a 12-month median last year of $307,500. If you prefer to look at the average sales price we are seeing September clocked in at slightly under $380,000, with the prior year’s 12-month average sitting at $366,921. But what’s interesting is the price per square foot—right now, the median listing price is going for around $191 per square foot in Greenville County. Compare that to a last year when prices stabilized, and we’re seeing higher value per square foot, which speaks to the overall demand here

Home values per square foot are particularly important for anyone looking to invest, as they highlight the demand in specific areas. Greenville’s appeal—combining urban amenities with Southern charm—continues to attract buyers, especially in neighborhoods close to downtown and suburban areas like Greer and Simpsonville.

Income Trends and Affordability

Unfortunately, the data on income trends and the population is hard to track and currently estimated at slightly over 74,000 residents in 2024 or if you prefer to look at Greenville County an estimated 560,000 residents live here showing a 6.2% population change between April 2020- July 2023. Last recorded estimate of median household income was around $72,000 in 2022. Affordability is a major factor for many buyers, especially first-time homebuyers. Paired with current mortgage rates exceeding 6%, it can be challenging to secure a home within a budget.

For those coming in with a household income close to the median, it’s essential to plan a clear budget and consider various loan options. Consulting with a mortgage specialist and using affordability calculators can help you figure out a comfortable range and avoid overextending financially.

Population Growth and Migration Trends

One of Greenville’s key market drivers is its rapid population growth. Since 2020, Greenville has attracted a steady influx of new residents—many from larger, more expensive metro areas like New York, San Francisco, and Boston. Greenville’s blend of affordability, culture, and lifestyle has made it a prime destination for a diverse mix of retirees, young professionals, and families.

This is why we still see lots of demand and newcomers from bigger cities such as Denver, CO where the median household income is only slightly higher at $85,853 yet with a median price per sq ft of $395 and a median listing price of $600,000.

This ongoing population growth means demand remains high, especially in centrally located neighborhoods and surrounding areas. This steady stream of newcomers contributes to a healthy rental market, making Greenville a strong option for investors seeking stable returns and long-term growth potential.

https://www.census.gov/quickfacts/fact/table/denvercountycolorado/PST045223

https://www.realtor.com/realestateandhomes-search/Denver-County_CO/overview

Current Market Conditions and Where They’re Headed

In 2024, Greenville’s market is considered balanced, with about four months’ worth of inventory. This balance means the market isn’t tipping heavily toward either buyers or sellers, giving each side an opportunity to negotiate. For sellers, it means homes might sit a bit longer on the market, and for buyers, it means having more choices without as much pressure.

Looking ahead, some analysts project potential relief on mortgage rates in 2025, which could boost demand further. For now, expect a steady pace with gradual adjustments in price rather than rapid increases or decreases. The current market offers a solid entry point for buyers, while also ensuring sellers can get reasonable offers with the right pricing strategy.

What This Means for Buyers, Sellers, and Investors

So, what does this all mean for you?

Buyers: You have options! Take advantage of this balanced market to find a property that suits your budget and needs without the rush of intense bidding wars.

Sellers: Pricing realistically is key. With homes taking slightly longer to sell, setting a competitive price can help attract serious buyers and close the sale efficiently.

Investors: Greenville’s steady growth in population and price per square foot makes it an attractive option for buy-and-hold strategies. The rental market remains healthy, particularly in sought-after areas near the city center and suburban neighborhoods like Simpsonville.

Final Thoughts

Greenville’s real estate market in 2024 presents opportunities for everyone, from first-time homebuyers to seasoned investors. The key takeaway? Understanding the trends can help you make informed decisions in this balanced and evolving market.

If you enjoyed this breakdown and want more updates on the Greenville market, be sure to check back for future insights. Greenville’s market is steady, but as demand shifts and interest rates fluctuate, staying informed can make all the difference. Thanks for joining me on this deep dive, and good luck with your real estate journey in Greenville, if you are looking into the area and have any questions, looking for recommendations, needing resources please reach out for a free chat anytime.

BELOW IS USEFUL RESOURCES USED THROUGHOUT SEPTEMBER

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