Located in South Carolina, which is one of the fastest growing areas in the United States, it is not surprising that Greenville SC real estate will become one of the country’s top 10 hottest housing markets in 2022. In fact, Greenville stands out as a leader in today’s economy. The local economy outlook continues to support the city’s real estate market for the foreseeable future.
Being among the nation’s top 10 hottest housing markets, the home price in this city is expected to grow by 6 percent as well as sale volumes rise by 11 percent. Real estate investors love Greenville for some reasons, such as a low Greenville County property tax and income tax. The housing market in Greenville has benefited from appreciation rates in the past few years, but not at the same level as the rest of the nation.
This means that Greenville has appreciated at around half the rate of the national average. Over the last 3 years, this city saw appreciation rates reach 13.9 percent, but the national average was 28 percent. Therefore, while prices are still increasing in the area, growth is starting to slow. The current median home price in Greenville is about $169,800.
A Brief Overview of Greenville
Greenville is part of the state of South Carolina, located about midday between Georgia, Atlanta, and Charlotte. With more than 920,000 residents in its metropolitan area, Greenville is the 6th largest city in South Carolina. Since it is conveniently located near neighbouring cities like Georgia and Tennessee, Greenville is the perfect place for you who love to explore new places.
Here, you can enjoy exploring nature, historical sites, and recreational spots. A lot of people would love to call Greenville home as it offers a lower living cost, strong job market, mild climate, and nice life quality. Locals love this city because of its big city appeal coupled with small-town Southern charm. The economy of Greenville is varied, helping to maintain the demand for the real estate and rental properties strong.
Greenville Real Estate Market
As it is said before, Greenville is one of the top 10 hottest real estate markets in the United States, positioned for growth. The housing price in the city is projected to be up by 5.7 percent and sales to increase by 11.4 percent. The Greenville South Carolina real estate market receives high marks for attracting buyers and investors because of its booming economy and affordability.
According to a report from WSPA News 7, remote workers and retirees are most of the people moving to Greenville. But experts mention that home prices are still relatively affordable in the city compared to other cities across the United States. Prices have soared up for several years, but not at the same rate as the rest of the country.
Nonetheless, homeowners in Greenville have seen equity returns to their properties. Due to tapering appreciation rates, homeowners who bought their properties 9 years ago are reaping the most profits. Owners who bought at that time have obtained nearly $40,000 more in equity than the national average over the same period. The Greenville SC real estate market has the perks of being located in the area with a promising economic expansion.
- The Zillow Home Value Index (ZHVI) for Greenville is $294,655 as of May 2022.
- Home values in Greenville have gone up by 23 percent over the last year and have grown by more than 72 percent for the last 5 years.
- Based on the most recent report from Realtor.com, the median listing home price is $349,900 while the median listing price per square foot for a house is $174.
- Homes in Greenville typically spend around 41 days on the market from listing to getting a contract.
- Of the 24 neighbourhoods in Greenville, the most affordable one to buy a home is Greenville Community College with a median listing price of $189,900. While the most expensive neighbourhood in the city is Mcbee Avenue Area where homes have a median listing price of $925,000.
- Some of the most popular neighbourhoods in and around Greenville are Augusta Street Area, North Main Area, Pleasant Valley, and South Carolina.
Greenville Real Estate Market Trends
The Greenville real estate has experienced a great increase in new construction. In fact, single-family housing permits have gone up 30.6 percent over a year. As a comparison, the national average for single-family housing permits barely exceeded 2 percent. The new construction is the result of the developing industries that attract more employees.
Affordability plays a role in the local housing market. Though it has dropped in recent months, the housing market in Greenville is still historically strong. Homeowners in this city’s real estate market reportedly spend around 10.4 percent of their income on monthly mortgage payments. While the national average is just more than 16 percent. Millennials, especially, find affordability in Greenville to be a main attraction.
Thus, with prices returning to pre-recession levels in most primary metros, it is more difficult for younger Americans to purchase a home. And Greenville provides the best opportunity for first-time buyers to have their first home. That said, the city should see an influx of younger buyers getting into the market while interest rates remain low.
As it is mentioned previously, the housing market in Greenville has the benefits of being located in an area with promising economic expansion. The job sector in this city alone seems to be ready to support both supply and demand for the next housing sector.
Greenville Real Estate Market Forecast
While Greenville has not recovered from the recession as much as real estate experts expected, it is projected that there will be progress in the next 2 years. Experts also have the confidence that single-family housing should begin seeing a significant gain, which is 17 percent. The gain would bring single-family homes to around 3,392. With the addition of new homes, the real estate market in Greenville is forecasted to return to 84 percent of normal.
The city is also ready to thrive this year and beyond with a growing inventory as well as the number of new residents.
Historic Price Changes and Housing Affordability
Real estate investors look at the past performance of the real estate market in Greenville to help them to forecast the potential future demand for rental properties. The Housing Affordability Index (HAI) and Home Price Index (HPI) are the 2 data points used to analyse the rental property demand. The Housing Affordability Index compares the median price of a resale home to median household incomes in the area while the Home Price Index measures the typical price inflation of housing over a certain period of time.
The Freddie Mac House Price Index measures the typical price inflation for homes in Greenville and other main real estate markets in the country. According to the most recent HPI for Greenville, the home prices in the city’s metro area have gone up by almost 74 percent over the past 5 years. While the HAI for the city is 112. This means that it is still affordable for residents to purchase a median priced home with a median household income.
Population Growth in Greenville
Greenville County is the most populated county in the entire South Carolina, with the population of more than half a million people. The population of Greenville City has exploded by 12 percent over the last decade, with dozens of apartments and condominium complexes established in the downtown area. Here are some statistics about the Greenville metro population.
- Greenville has more than 70,000 residents in the city as well as more than 920,000 people living in the metropolitan county area.
- The population of Greenville has risen by 16 percent over the past 10 years with the metropolitan area growing by 1.53 percent from year to year.
- The city is home to the 3rdlargest urban area in South Carolina, making it the 6th largest city in the state.
- Cities in the Greenville metropolitan area include Travelers Rest, Simpsonville, Mauldin, Greer, and Fountain Inn.
- Greenville’s per capita income is $31,577 and the median household income is $57,432.
- The residents of Greenville County are among the richest residents in South Carolina, right behind Beaufort County along the coast where the Hilton Head resort is situated.
Job Market in Greenville
The economy of the state of South Carolina has returned strong. It is almost totally recovered from the global pandemic, with Greenville helping to lead the way. Greenville is on the frontline of the economic recovery of the United States, as reported by Upstate SC Alliance. A mix of old industries and high-tech jobs are in the city, such as manufacturing and finance that are more resilient to economic downturns.
The unemployment rate in Greenville is 5.8 percent, which is on par with the national average. But the promising job growth rate makes economists excited. Over the next year, the economists are projecting the job growth rate to reach 2.4 percent. In fact, the Greenville economy is already growing more quickly than the US economy. A bunch of people are moving to this city from other parts of the country.
- According to a report from the Bureau of Labor Statistics, as of April 2022, the unemployment rate in Greenville dropped to 2.3 percent.
- According to the Federal Reserve Bank of St. Louis, the GDP for Greenville is almost $47.6 billion and has grown by more than 53 percent over the last 10 years.
- The employment sectors in Greenville that show the most thriving growth include leisure and hospitality, business and professional services, trade and transportation, manufacturing, and construction.
- Target industries include data centers, biosciences, aviation and aerospace, automotive, and advanced materials.
- International, national, and regional companies are headquartered in Greenville, such as Verizon Wireless, KI Logistics, GE Power, Fluor Corporation, and AMECO Construction Equipment.
- Greenville is home to many higher learning institutions like Bob Jones University, Greenville Technical College, Furman University, and Clemson University.
- The biggest primary employers in Greenville County include Michelin North America, the USC School of Medicine, Greenville County Schools, and Prisma Health.
Life Quality in Greenville
Greenville provides residents and businesses with big city facilities without the congestion of living in a bigger urban area. This city is transforming into a vibrant community with an unbeatable lifestyle, thanks to the job market growth, emerging culinary places, and redeveloping downtown districts. Greenville downtown ranked among the best downtowns in the entire United States.
Looking at how younger Americans tend to prefer the walkability of city life, the interest in Greenville seems to continue to increase. Greenville ranked in the 4th place as the top downtowns across the country. Appreciations for the Greenville downtown are likely due to a great push for luxury developments in the last 10 years.
The metropolitan area of Greenville now has high-end condominiums, apartments, lofts, and homes that have dragged a lot of interest.
- Based on the US News & World Report, Greenville ranks the 40thbest place to retire and 43rd best place to live in the United States.
- The overall living cost in Greenville is 4 percent higher than the national average, though utilities, transportation, and healthcare cost less.
- Greenville is 5-hour drive away from the Atlantic Ocean and close to the Blue Ridge Mountains, making it a nice city for those who adore nature.
- Greenville is only 90 minutes away from Columbia and Charlotte, and 2 hours away from Atlanta.
- Greenville has the best hospitals in the country, which are AnMed Health Medical Center and Bon Secours St. Francis Health System.
- Greenville is a perfect place for art and entertainment lovers as it has countless galleries and museums. This city also offers live music and theatre, as well as vibrant festivals throughout the year.
Greenville Real Estate Market FAQs
- Is Greenville a Good Place to Live?
Though the living cost here is higher than the national average, healthcare, utilities, and transportation cost less. The job market is growing strong as well. So, overall, Greenville is a good place to live.
- Is It a Good Idea to Invest in the Greenville Housing Market?
Yes, Greenville is now recognized as one of the hottest markets in the country.