Learn About Seasonality in Greenville, SC, Housing Sales
Greenville, SC, has seen a rise in housing prices and demand over the past few years. Whether you're planning to buy a home or sell a home in or near Greenville, timing is everything. Seasonality plays a big role in how long it will take your home to sell, how much it will sell for and how long the transaction will take to process. Read on to learn more about seasonality in the Greenville housing market.
When Most Housing Sales Take Place in Greenville
Most housing sales in Greenville occur during the summer months of the year, between June and September. This is consistent with peak housing sales in other parts of the South. When looking at the trend lines for when housing transactions close, there are a couple of smaller peaks during other times of the year. One of those smaller peaks is in December. This is consistent with snowbirds who decide to buy a second home here. Another small peak occurs in February. Greenville's springtime weather tends to arrive at this time of the year, which may account for more homes being listed for sale.
Best Time to Buy a Home in Greenville
As a homebuyer, you want to get the best possible value for your money. Home sales prices go down between September and December. People who list a home for sale at this time may be more motivated to make a quick sale. The median sales prices of houses sold between September and December is about 3.3% lower than the median sales prices of homes sold between June and August.
When to Sell a Home in Greenville
When you're selling your home, you want to get the best possible sales price. Greenville home prices peak in July of each year. This is the month when the median sale price is closest to the median listing price. However, if you're looking for some tax advantages of selling your home, you might want to take advantage of the December mini peak of sales. If you're in an urgent situation and can't wait until the peak of the sales market, December is a good time.
Consider the Demographics of Your Neighborhood
Seasonality also varies by the demographics in your neighborhood. If you live in a neighborhood with a lot of single-family homes, the school year will play a big role in when homes are bought and sold. Most parents try to avoid moving in the middle of a school year. Single-family homes in family-friendly neighborhoods see a spike in sales in May and June and a big drop in September.
How to Take Advantage of Seasonality in the Housing Market
If you aren't in a hurry to buy a home, you could wait until the average price per square foot drops. This is usually in the autumn months of the year. If you want to sell in a hurry, list your home in May or June.