The Greenville SC Real Estate Market Has SHIFTED

Bidding wars in Greenville have come to a screeching halt, and single-family inventory across Greenville County has jumped by more than 20% compared to last year, pushing months of supply to 4.2 months (closer to 5 months for townhomes, and 6 to 8 months for homes priced at $1 million and up around Lake Keowee). Homes are also sitting longer, with single-family listings averaging around 60 days on market before going under contract, up 13% from last year. None of that has caused prices to crash. The median sold price across the greater Greenville market is holding steady year over year at $320,000, and the average sales price is actually up almost 3% to $405,000. What has changed is negotiating power: the sale-to-list price ratio has slipped to just over 98%, and buyers are asking for concessions again instead of waiving everything just to compete. If you're planning to sell in the next 12 months, price your home against what's actually on the market today, not what sold six months ago, and get it as move-in ready as you can before it goes live.

Here's the whole breakdown, straight from the video, on how the Upstate's rising inventory is reshaping the numbers for buyers and sellers in Greenville:

Drive around the Upstate right now and you'll notice it before you see a single statistic. More yard signs, more open houses, more homes sitting there waiting on a buyer. That's inventory, and it affects everything else we're covering here.

Single-family inventory across Greenville County has jumped by more than 20% compared to last year. Buyers now have more homes to choose from, giving them real options again.

Right now, months supply of inventory sits at 4.2 months, meaning if no homes hit the market starting today, it would theoretically take 4.2 months for all available homes to be absorbed. A year or two ago, we were nowhere close to that.

Townhomes are running even higher, getting close to 5 months of supply. That's opening the door for first-time buyers in places like Simpsonville and Greer who were priced out during the rush a couple of years ago.

In the luxury market, especially around Lake Keowee, the shift is even bigger. Homes priced at $1 million and up are sitting between 6 and 8 months of supply. That part of the market has moved into buyer territory.

And inventory is still rising. Last year alone, the number of homes for sale climbed another 12%. On top of that, the overall months of supply went up about 5%, so the market is still gaining inventory.

If you're selling, here's what that means: buyers can finally choose between several homes instead of taking whatever's left. Yours can't be the leftover. It has to be the one they pick.

If you need to sell your home in Greenville, reach out with your address, the improvements you've made, and when you need to move, and I'm happy to give you an honest, no hassle opinion of value on your home in today's market. It only takes a minute, and there's no obligation to sell.

Homes are sitting on the market a lot longer than sellers got used to, and that changes how you price and how you plan your timing.

Days on market are up 13% this year, with single-family homes averaging around 60 days before they go under contract.

Location still makes a big difference. Over the last 90 days, Downtown Greenville averaged 74 days on the market, while North Main and Augusta Road averaged just 35 days.

Farther out, homes are taking longer to sell. Fountain Inn saw 800 listings come to market this year, and those homes are taking about 57 days to go under contract. Simpsonville has added 1,800 listings, with homes sitting for about 56 days on average. Travelers Rest has seen 507 new listings, averaging about 64 days on the market. Greer has added 1,450 listings, also averaging around 62 days. Easley rounds things out with 970 listings averaging 62 days.

Keep in mind, the longer a home sits on the market, the more negotiating power a buyer perceives they have.

That extra time is changing buyer behavior, too. Buyers aren't rushing. They're methodical. Some of my clients are requesting a full slate of HOA documents and taking a second, sometimes a third, look before they commit, or don't. Nobody's signing on a house they saw two hours ago anymore, so your home has to hold up to a slower, more careful look.

More inventory and longer days on market would lead you to think demand is falling and prices are following, which leads people to think a crash is coming. The numbers here aren't showing that.

The median sold price across the greater Greenville market is holding steady year over year at $320,000, while the average sales price has climbed almost 3% to $405,000. About 8,000 properties have come to market in the county so far this year, giving us a clear view of what's happening.

Depending on the zip code, values are still rising by low single-digit percentages, compared with the double-digit jumps we saw during the pandemic years.

The bidding wars have cooled, and that fast pace likely won't return anytime soon. We've had clients enter bidding wars this year, but only for very specific types of homes in arguably the most desirable communities in the county. Compare that to 2021 and 2022, when it seemed like one in every three offers I wrote was competing with another offer, which was exhausting for both us as agents and especially for buyers.

The sales count shows a similar pattern across the Upstate. Activity has slowed in some pockets, but the market remains healthy overall, and sales volume is up in Greenville County.

Multiple offers aren't as common, but a home that shows well and is priced right for its location can still get them.

Sellers are cutting prices on a meaningful share of active listings, because many started too high. And even when they didn't start too high, if the listing doesn't show well or the location isn't right, you're not getting an offer until you start discounting the property.

Right now the market is supporting itself because there's still demand here in our market, but supply keeps creeping up, so I don't expect this market to change in the near term.

"I got the seller to come down." Buyers in the Upstate are saying that again for the first time in years, and if you're selling, that's the sentence you're up against now.

The sale-to-list price ratio has slipped to over 98%, which means homes are selling for a little under asking price again. Fortunately for our clients, our sellers are still getting close to 99% of list on average, which is ahead of that market average, and even our buyers are negotiating down to 97% of list, which beats the market as well.

Rates on a conventional 30-year fixed loan are still in the high 6%. What we do know is they peaked near 8% in late 2023, so today's range is bringing more buyers back into the territory where they can actually afford your home.

Because homes are sitting longer, buyers are asking for concessions again, a rate buydown, or repairs after the inspection instead of taking the home as is. Expect those asks, and decide up front what you're willing to give.

The luxury market is still its own animal. A majority of those deals, well over half, are still closing in cash. But for regular home buyers, conventional and FHA loans are winning contracts again without getting pushed aside by investors with briefcases full of cash.

Competition at the top of the market hasn't gone away. Closed sales on homes priced at $1 million and up have risen 19% year over year, so demand for high-end real estate across the Upstate is still strong. That's the leverage buyers are working with right now. But leverage cuts both ways, and what sellers do next will decide whether they end up on the right side of it.

If you're even thinking about selling in the next 12 months, the old playbook won't work anymore. You can't put a sign in the yard and expect five offers above asking by Sunday night. That era is over, and pretending otherwise could leave your home sitting for months.

Remember that stat about a meaningful share of listings needing a price cut? You need to make sure yours isn't one of them.

You have to price your home based on what it's competing with right now, not just what sold six months ago. Overpricing by even 5% can leave your home sitting for months while newer, better-priced listings pass it by.

Presentation counts again, too. Staging, fresh paint, and handling small repairs before you list can make the difference between getting an offer and having a showing nobody remembers. Buyers don't want to overpay for homes that need real work. A move-in-ready home gives you your biggest advantage in this market.

It also helps to get a pre-inspection before you put the home on the market. Finding the home's issues first means you won't get hit with surprises during the buyer's inspection that could ruin the deal.

I've sat in listing appointments with sellers who wanted to overprice their home and hoped a buyer moving from California would show up with cash and overpay. But hope isn't a strategy. That buyer's agent is looking at the same data I'm showing you here. They're not going to talk their client into overpaying just because the buyer brought equity from a more expensive market.

That's the difference between a home that sits and a home that sells in this market.

Is the Greenville housing market crashing?

No. Even with inventory up more than 20% and days on market rising, the median sold price is holding steady year over year at $320,000 and the average sales price is up almost 3% to $405,000. Values are still rising in most zip codes, just by low single digits instead of the double-digit jumps we saw during the pandemic years.

How much has inventory grown in Greenville County this year?

Single-family inventory is up more than 20% compared to last year, with months of supply sitting at 4.2 months. Townhomes are running close to 5 months of supply, and homes priced at $1 million and up, especially around Lake Keowee, are sitting between 6 and 8 months of supply.

How long are homes taking to sell right now?

Single-family homes are averaging around 60 days on market before going under contract, up 13% from last year. That varies a lot by area: Downtown Greenville is averaging 74 days, while North Main and Augusta Road are moving faster at around 35 days.

Are bidding wars completely gone in Greenville?

Not entirely, but they've cooled a lot. We're still seeing them this year, but only for very specific homes in the most desirable communities, nothing like 2021 and 2022, when about one in three offers we wrote was competing with another offer.

Is the luxury market around Lake Keowee behaving differently than the rest of the Upstate?

Yes. It has more supply, 6 to 8 months for homes at $1 million and up, which has put it in buyer territory. At the same time, well over half of those deals are still closing in cash, and closed sales at $1 million and up are up 19% year over year, so demand at the top of the market is still strong.

What percentage of asking price are sellers actually getting?

The market-wide sale-to-list ratio has slipped to just over 98%. Sellers working with our team are doing a bit better than that, close to 99% of list on average, while our buyers are negotiating down to about 97% of list.

Where are buyers finding the most opportunity right now?

First-time buyers have more room in townhome-heavy areas like Simpsonville and Greer, where supply has loosened up after both towns saw a wave of new listings. Buyers overall have more leverage to ask for concessions like a rate buydown or repairs, especially on homes that have been sitting a while.

The buyers and sellers using today's numbers instead of last year's assumptions are the ones getting deals done.

Whether you're ready to list now or just want to know what your home is worth in today's market, email us at [email protected] or text or call me at (864) 688-9738. We'll look at your specific situation and give you a straight answer on what makes sense.

As always, I'm Will Sawyer, your friend in real estate. Until next time, stay safe.