Greater Greenville Real Estate Market Report: October 2024

What’s happening in the world of Greenville real estate? Fear not—I’ve got you covered with the latest data for October!

In this video, I break down key market trends, compare them to last year, and explain what they mean for buyers, sellers, and the Greater Greenville area as a whole. Watch the full report above.

Key Highlights from October 2024

1. New Listings

Stat: New listings dipped by 0.9% year-over-year, totaling 1,860.
Analysis: Despite the seasonal slowdown, listings are up 15% year-to-date. This shows sellers are active, but with buyer demand remaining subdued, we may see further price adjustments or incentives to reignite interest.

2. Pending Sales

Stat: Pending sales dropped 30.7% to 827 homes under contract.
Analysis: High mortgage rates and affordability concerns are making buyers hesitant. As rates stabilize, experts anticipate a rebound in buyer activity.

3. Closed Sales

Stat: Closed sales rose by 4.8%, with 1,299 homes sold.
Analysis: While this reflects demand, it also highlights a shift towards a more balanced market as inventory outpaces sales growth.

4. Median and Average Prices

Median Price: $314,900, down 3.1% from last year.
Average Price: $415,403, up 9.1%.
Analysis: A decrease in the median price points to a stabilizing market after years of rapid growth. The higher average price is driven by stronger sales in premium price brackets, especially homes over $1 million (+16.2%).

5. Days on Market

Stat: Homes averaged 54 days on the market, a 28.6% increase year-over-year.
Analysis: This gives buyers more time to decide, but sellers must price competitively to attract offers.

6. Inventory Levels

Stat: Inventory surged by 35.3%, with 4,948 active homes.
Analysis: This translates to 3.8 months of supply—still below the 4–6 months indicative of a fully balanced market but trending in that direction.

7. Mortgage Rates

Stat: Average rates held steady, with 30-year fixed loans at 6.836%.
Analysis: Higher rates are cooling the market, but any stabilization or decrease could boost affordability and activity.

Why These Numbers Matter

The Greater Greenville real estate market is shifting from the fast-paced frenzy of the last few years toward greater sustainability. This is good news for buyers and sellers alike, but staying informed is key to making smart decisions.

Whether you’re buying, selling, or planning, this market data helps you understand the opportunities ahead.

Take Action!

Curious how these trends might impact your plans? Let’s talk! Call, text, or visit my website to discuss your goals. You can also watch my video for a deeper dive into October’s numbers and their implications above.

Thank you for following along, and stay tuned for next month’s market report!