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September Housing Stats for "yeah, that greenville"


people walking across a bridge in downtown Greenville
The bridge over the Reedy River in "yeah, that greenville" (Image by Ernest_Roy from Pixabay)

Are home prices still rising? Are unit sales decreasing? Is housing inventory increasing? Is it getting harder for the average purchaser to get a mortgage?

Yes. Yes. Yes. And yes.

That's the Greater Greenville housing market in microcosm, based on the GGAR (Greater Greenville Association of Realtors®) newly-released figures for the month of September. Two more big influencers deserve mention. First, interest rates have stayed above 7% since mid-August; that has scared away a number of would-be buyers. Second, inventory levels--although increasing--are still low, and are a catalyst pushing home prices higher.

A silver lining for buyers in "yeah, that greenville"

In September, the average home sat on the market for 40 days. A year ago the average home was listed for only 27 days. We are still seeing some multiple offers and a significant number of bidding wars, but they aren't nearly as common as they were a year ago. That's good news for purchasers who now have more than a 10-second count to decide whether to make an offer on a home they like.

But, homes are less affordable

The Housing Affordability Index for "yeah, that greenville" has been dropping significantly since the pandemic--and slowly for a few years before that. In the last year, the local Housing Affordability Index has nosedived from 92 to 84. This means that last September the average wage earner earned 92% of the amount needed to obtain an average mortgage. As of last month, only 84% earned enough to qualify. If inflation, home prices and interest rates continue to increase, we can expect housing affordability to continue its decline. This means that qualifying for a mortgage would get even harder.

Need help deciphering our local housing market?

Would you like to learn more about housing market trends for "yeah, that greenville"?

Do you want a free, up-to-date estimate of the value of your home? Do you need expert guidance about purchasing your first home or selling your current home so you can upsize, downsize, or relocate? Contact us. We would love to do the HOMEwork for you.



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