GREENVILLE — The number of homes sold in Greenville over the last three months is up from the same time last year.
Competition to buy homes in Greenville has remained fierce as available inventory is low despite a rise in sale prices and home loan interest rates. About 183 more homes were sold in Greenville the first three months of 2022 than the same timeframe last year, according to data from the South Carolina Realtors Association.
Statewide, home sales have declined eight of the past nine months — with the exception of November of last year — in comparison to the previous.
Greenville, however, has seen an increase over the previous year in seven of the nine months.
Houses are also scooped up quicker than before with homes remaining on the Greenville market about a month, down from about 42 days in early 2021. The number of days a house is on the market in Greenville is calculated by the contract date, not closing date.
“The market is still a very strong seller’s market,” CEO of the Greenville Realtors Association Nick Sabatine said. “Inventory is low, which makes the prices rise.”
About 3,811 homes have been sold in the Greenville area since the start of 2022, up from 3,628 in the same period last year. In March, homes for sale in the market dropped from 2,799 homes last year to 2,049 homes this year.
Sabatine expects to see house sales “leveling off” but not “dropping” in the coming months.
Before the pandemic in March 2019, buyers closing on houses were paying a median price of about $209,000 for a home in the greater Greenville area. Median house price means half of people are paying above this price and half are paying below.
The following year, when the pandemic was in its early stages in March, buyers were paying a median price of $226,700. One year after that, the price was about $251,000. As of March, the Greenville area saw a 17.4 percent increase in the median price of houses sold, rising to about $295,000. Buyers in Greenville are paying about $86,000 more on homes than two years ago.
Statewide, the median price of sold houses soared to $308,000 during March. Homebuyers across the state are now paying $48,000 more than in March 2021, and $73,000 more than two years ago.
With multiple offers on a home at the same time, many homes are selling over the listed price, Sabatine said.
At the same time, home loan interest rates have risen above 5 percent this month for a 30-year fixed-rate mortgage, the first time that has happened in over a decade, Freddie Mac Chief Economist Sam Khater said in a news release from April 14.