COVID-19 Effects on the Greenville, SC, Housing Market

With the COVID-19 cases still rampant in many parts of the United States, the economy has plunged into the deep end as government, private, and business institutions are coping with the effects of the pandemic. However, sectors such as the real estate industry are experiencing the adverse effects of the crippling economic activity.

Communities like Greenville, SC, are opting for a more favorable result within the real estate sectors as homeowners and realtors are looking to make ends meet during this time of crisis. Below, we discuss the current effects COVID-19 has on the Greenville, SC, housing market.

Housing Availability

During the pandemic, there has been a gradual rise in homes for sale within the community. As the going gets tough, most homeowners find themselves needing to sell or lease out their property to make some extra money to cope with the situation. As a result, you can expect a small rise in the properties.

On the other hand, real estate agents within Greenville reported a 12% decrease in sales during April 2020 compared to the first quarter of 2019. Potential clients are reluctant to invest in real estate due to the virus's fears and limitations, leading to an increase in unoccupied homes. Nonetheless, housing availability and sales have not been significantly affected as some properties are still being sold during COVID-19.

Closing Time

While the real estate market in Greenville has taken a crucial hit during the COVID-19 pandemic, the impact is less significant than the 2008 recession, which saw the economy buckle.

There are still some actual sales that occur within the real estate market during the pandemic despite the limiting economic status. Those with the funds are purchasing new homes in safe zone areas in South Carolina communities to keep themselves well-guarded and away from COVID-19 hotspots. However, sealing the deal is significantly slower than usual, as the time it takes to close is affected by the establishment of coping with the coronavirus. Attorneys, home inspectors, and government services are gradually picking up the pace to ensure business runs as usual while adhering to the COVID-19 measures, curfews, and restrictions. That being said, you can expect some setbacks during the closing time of your real estate deal as some services are inadequately prepared.

Time on the Market

Due to COVID-19, the number of buyers within Greenville, SC, has substantially decreased, leading to an incline in property value. Furthermore, there is a current delay in the appraisal time within the upstate region. Since there is a common decrease in home value, the time a property spends on the market is reduced. This means that more buyers are ready to spend and quickly secure an affordable listed home despite the common analogy that most people are looking to save their money and not spend.

While COVID-19 is yet to be fully contained within the country, its adverse effects on the real estate market can be felt. If you're looking to buy or sell a home within Greenville, SC, then don't fret. There is an opportunity for both the buyers and sellers to benefit despite the ongoing pandemic.


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