Many people who buy single-family homes, townhomes, or condos in Greenville SC are buying with their children or grandchildren in mind. It is hard for parents and grandparents to find time to balance all of their own activities along with their children’s or grandchildren’s activities. The housing market is also a key item to keep in mind when searching for your next home.
How is the Housing Market in Greenville SC Right Now?
Due to low inventory and increased demand, the housing market has been booming for sellers. There were significantly less homes on the market in March of this year than there were in March of 2020, especially for condominiums and townhomes in the area. Many home sellers get as many as a dozen or more home showings or offers on the first day of putting their home on the market!
What is Housing Demand Driven By?
Record low mortgage interest rates have partly fueled demand. These interest rates were reduced significantly when the pandemic hit and having mortgage rates be so low is a great motivator for first-time homebuyers.
Another reason housing demand has increased is due to supply-and-demand, a real estate term that means, at this moment, there is a high demand for homes or condominiums with a low supply of real estate available. This leads to home sellers receiving multiple offers for their home and a likelihood that the home gets sold for more than it was originally intended to.
It appears that this sellers’ market will continue because of the lower inventory in real estate. This can become a problem because sellers will need to buy a home and, if they are not able to find a home to buy, they are way less likely to go through with selling their home or condominium.
There Has Been an Increase in New Construction Homes in Greenville SC
New construction homes are becoming more and more popular with prospective homebuyers due to the ability of truly being able to make the home “yours”. This surge started happening last year around when the pandemic began despite experts expecting a decrease in new construction homes.
The number of housing permits in the Upstate rose by 20% over the last year and is expected to continue, especially since more than half of these permits were obtained by Greenville County residents.
Unfortunately, also thanks to the pandemic, homebuilders have had to deal with increased prices of lumber, cost restraints, and longer wait times for things like appliances to come in. Those who bought property to build their homes on just before the pandemic are the truly lucky ones as they are more likely to have guaranteed lumber prices before it went up.
Demand For Housing Continues to Grow in Greenville SC
A large part of this sudden growth in this area is due to homebuyers’ realization that they need and want more space, especially for apartment renters during the pandemic. Over the last decade, the Greenville area of South Carolina has grown over 15% in the housing market.
Many prospective homebuyers visit Greenville and fall in love with the downtown area and the friendly locals of the town. There are plenty of subdivisions available around downtown Greenville that offer lots of acreage, biking trails, hiking trails, gated entrances, and more!
Greenville County is a place that everybody wants to live in because of its beauty and sense of community. Because of this, many real estate experts agree that the housing demand in this area will remain high as long as mortgage interest rates stay low. Call a Greenville SC real estate agent now to discuss buying a new construction home, a new condominium, or a new townhome!