All About Greenville SC Real Estate

The Strong and Steady Housing Market in Greenville

Over the years, more and more people have become interested in the real estate market. That's because, if everything goes well, it can turn out to be a lucrative investment. Among the areas with a strong and steady housing market is Greenville, South Carolina.

Located in one of the fastest-growing areas in the United States, Greenville stands tall as one of the leaders in today's economy. The area has evolved from being a majorly agricultural and textile economy to one of the fastest-growing cities in the country. Since June 2011, Greenville has seen an increase in jobs, permits as well as home prices.

In fact, it is reported that Greenville has seen one of the longest consecutive stretches of improvement all across the United States over the past three years. Despite the fact that the ongoing COVID-19 pandemic has clouded the real estate market, Greenville's housing market has not shown any signs of slowing down.

On the contrary, the low-interest rates seem to be attracting more people to the Greenville housing market. What makes Greenville's housing market so appealing?

Location

One of the best things about the Greenville real estate market is that it's located in an area with a promising economic expansion. According to the recent reports and trends, Greenville's job sector alone looks strong enough to cater to both the supply and demand of the emerging housing market.

Employment Growth

The unemployment rate in Greenville is about 3.3%, which is below the national average. Plus, there happens to be a job growth that both economists and current residents are excited about. Economists are expecting the job market to grow by approximately 2.4%, which is good news for those planning to invest in the Greenville housing market.

It's also important to note that Greenville's economy is growing at a much faster rate compared to the rest of the country. This explains why a lot of people are finding it easier to relocate to Greenville from other parts of the country.

New and Better Construction

Another thing that seems to be working in favor of Greenville's housing market is the massive increase in new construction. As a result, single-family housing permits have seen a major increase over the last three years.

Greenville's single-family housing permits stand at 30.6%, which is quite impressive compared to the national average of 2%. The emerging new construction is due to growing industries that have been attracting more employees. 

Affordability

One of the main reasons Greenville's housing market is improving steadily is because it's quite affordable compared to other areas. According to recent studies, homeowners in Greenville spend only 10.4% of their income on mortgage payments. Basically, Greenville is the ideal place for all first-time homebuyers who are looking to get a place of their own.

As shown above, Greenville has everything it takes for a real estate market to thrive. If things keep happening this way, it's likely that Greenville will soon rank among the best housing markets in the United States.