4 Factors That Affect the Trending Prices in Greenville, SC, Housing Market
Greenville, South Carolina, is a blossoming state full of prime land and real estate opportunities for investors. As a homeowner or buyer, learning the current trending prices within the community can give you an edge over competitors or can give you some insight into when to invest in the market.
The real estate market in Greenville is the third-largest in all of South Carolina and has a local population of 523,542 people as of 2019. Therefore, here are four factors that influence the real estate market in Greenville, SC.
1. Zip Codes
Greenville remains an ever-growing locale of wealth within South Carolina and its region. Like many properties, your home's zip code can be vital in determining your home's value in the following years.
In Greenville, neighborhoods within the 29601 zip code are popular areas sought after by investors. In 2015, the median listing price per square footage jumped by a whopping 103% increase for areas in zip code 29601, including Alta Vista, North Main, and Augusta Road. However, the valuations increased between 2015 and 2018 and were recorded at a 129.3% increase in zip code 29661 that belongs to Marietta, SC.
These zip codes recorded skyrocketing appreciation rates is likely because of the facilities and amenities nearby, making them highly sought after. The opposite can be said about zip codes in areas far from the coveted amenities. Therefore, homebuyers who secured property within these zip codes a few years ago will experience a high appreciation rate for their properties. The same can be said when purchasing properties closer to the city center in Greenville because those values are bound to increase due to the concentration of commerce centers, entertainment venues, and restaurants.
2. Home Type
The type of home in any housing market is priced according to its structure. For example, a mansion costs more than a basic farmhouse. Flashy penthouses, condos, and lofts near downtown Greenville are trending in the market. However, detached family homes account for more than 48% of Greenville's housing types and are quite popular among local buyers.
3. Home Age
The 2020 average home price in Greenville is about $250,000, +0.2% more than the average price in 2019. Aside from appreciation of the prime property, the construction of new houses has significantly contributed to the increase in the housing market rates. Newly developed condos and houses are trending upward rather than older established buildings within the Greenville housing market. This is due to higher energy efficiency and modern features that aren't present in old, outdated homes.
4. Home Size
The size of a home can affect its price on the housing market. The median price per square foot in Greenville, SC, is roughly $113 to $148 depending on the region and the amenities nearby. However, the bigger the house, the more expensive the cost, taking into account the number of rooms.
Greenville, SC, is a vibrant community filled with a steady, fast real estate market. With this list of currently trending factors within the housing sector, both investors and homeowners can benefit from purchasing opportunities.