Why the Housing Inventory in Greenville Is Low
Greenville is the sixth-largest city in South Carolina State. It is located on the northwest side of this state, and around 71,000 people live in this city. It has several cultural and entertainment centers, including museums, playgrounds, and exhibition centers.
Many people love Greenville because of its favorable weather and low cost of living. However, the housing inventory in this city has gone down over the past year. Below are more details on why the housing supply in Greenville has become tight.
The number of people living in Greenville has increased over the past few years. According to research, this city's population has increased by 21% over the last decade. The increase in population has led to the rise in house demand. As a result, the monthly supply of houses in this region has gone down. In an attempt to increase this region's housing inventory, dozens of apartments and condominiums are being constructed.
Growing Job Market
Greenville's job market is growing day by day. According to the Bureau of Labor and Statistics data, this city's unemployment rate has gone down to 3.7%. The decrease in unemployment is associated with the increase in job opportunities offered by different industries, including the construction, trade, transportation, manufacturing, and hospitality industries. The rate of employment, on the other hand, has gone up by 17.4% since 2009. The total wages that these employees are being given have also increased. The increase in job opportunities and total wages has made many people consider moving to this city. The increase in the number of job seekers has led to a decrease in the housing supply.
High Quality of Life
The good quality of life associated with Greenville city has made the housing supply in this city go down. According to the U.S News and World Report, Greenville is the 38th best place to live in the U.S. Greenville is regarded as a great place to reside in due to its big-city amenities. Affordable healthcare, utilities, and transportation also make this city a suitable place to live in.
House Construction Costs Have Gone High
The decrease in housing inventory in Greenville is also associated with high house construction costs. For instance, a house that would cost you $180 to construct in 2014 will now cost you around $205. The increase in these costs is associated with the rise in the prices of construction materials. For example, the price of Canadian timber has gone high after the U.S president placed a 23% tariff on it. The shortage of these materials in the state has also contributed to price inflation.
Housing demand in Greenville has gone up while housing supply in this city has decreased. As a result, the number of houses listed for sale has gone down. The increase in demand for housing in this city is associated with the increasing number of job opportunities and the high quality of life.
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