One Thing You Can Count On Upstate Is Its Own Housing Market

One Thing You Can Count On Upstate Is Its Own Housing Market

One thing you can count on – Upstate is its own
housing market.

As the National Association of REALTORS® (NAR) announces rising
inventories, doubledigit price increases, and 25 months of increasing sales volume, the Greater Greenville market is growing at a much
more sustainable pace.

In July 2013, the median home price nationwide was $213,500, over 13 percent higher than the year before. In Greater Greenville, the median home price was $164,000, over 5 percent above the previous year.

For the first six months of the year, Upstate housing sales were nearly 28 percent higher than the same period last year. In July, sellers received nearly 96 percent of their original listing price, a better average than the year before.

The South Carolina Association of REALTORS® suggests housing has made a positive contribution to the growth of the gross domestic product for the past 11 quarters. The trend is likely to continue for some time to come.

Bill Lawton, 2013 President of The Greater Greenville Association of REALTORS® and Broker-in-Charge of Keller Williams Realty in Greenville, SC, says changes in affordability are propelling the market as buyers realize that the time to buy is now.

“Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” explained Lawton.

In Upstate, the Housing Affordability Index dropped by a single point over the last 12 months, while it fell eighteen points nationally.

Lawton warns that further rate increases will diminish the pool of eligible buyers, but with home prices so reasonable in Upstate compared to the national median, homebuyers should be able to enjoy incredible affordability for a long time to come.

Dawn Borkowski Headshot
Phone: 864-313-4608
Dated: September 24th 2013
Views: 392
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