Greenville Real Estate Market Predictions
Greenville is ranked among the top ten fastest-growing real estate markets in the United States. Housing prices are projected to rise by at least 5.7% and sales are also expected to increase by 11.4%. Most people are attracted to Greenville’s real estate market because of its low prices, serenity and booming economy.
Retirees and remote workers make up the biggest chunk of people moving to Greenville. Despite its booming economy and premier amenities, real estate experts say that the prices of homes in this area are still affordable compared to other parts of the city.
• The value of homes in Greenville grew by 15.5% over the past year and has increased by 63% over the last five years.
• As of 2021, The Zillow Home Value Index for Greenville is $259
• The median listing price per square foot for a home in Greenville is 152 US dollars
• Homes in Greenville usually sell 49 days after being listed compared to 64 days last year
• Some of the best neighborhoods in Greenville include North Main Area, Augusta Street area and Pleasant Valley.
• The most affordable neighborhoods are found in Greenville Community College, where the median listing price is $218,000.
Strong Renter’s Market
Greenville has a bidding-war rate of 73.9%, making it the city with one of the highest rates of bidding wars for homes in the United States. This means that the competition to purchase homes in Greenville is very high. The competition to buy homes in Greenville is even getting stiffer in 2022 and this is likely to push the prices of homes higher. The rising prices and strong demand for homes in Greenville can be attributed to the fact that 50% of housing units are occupied by renters.
Key Market Statistics
• Prices of Rent in Greenville, South Carolina have gone up by 18% over the past year.
• The median rent for a three-bedroom in Greenville per month is $1,650.
• Approximately 50% of households in Greenville are occupied by renters.
• Single-family homes in Greenville account for 70% of housing stock in the market. This makes renting an attractive option for investors.
Quality of Life
One of the major reasons why many people are attracted to Greenville is the good quality of life found there. The city offers high-end social amenities to both residents and businesses. There’s also an upcoming downtown district with a culinary scene. There are many job opportunities and the unemployment rate is just 3%.
The population of Greenville has drastically increased over the past few years. This is mainly because of the large number of people moving into the city. Greenville’s population has grown by 10% over the last 10 years. This means that the demand for housing has also been on the rise throughout the years.
In a nutshell, Greenville SC real estate market is one of the most vibrant in the country. Many people are moving into Greenville because of its location and community-centric nature.
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