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Sure, here's a simplified overview of the current state of the Greenville housing market, highlighting key points for your buyer client:

Current State of the Greenville Housing Market (2024)

• Home Prices on the Rise: Median home prices in Greenville are increasing due to factors like a strong local economy, population growth, and a limited supply of homes.
• Inventory is Low: The number of homes for sale has dropped, creating a seller's market. This scarcity is pushing prices up and making it tougher for buyers to find the right property.
• Competition Among Buyers: With fewer homes and more buyers, the competition is fierce. Buyers must be quick and make strong offers to secure a property.
• Demand for Certain Homes: Starter and move-in ready homes, especially in desirable neighborhoods, are in high demand, leading to higher competition and prices.

Greenville Market Statistics (February 2024)

• Average Sales Price: $357,144 (up 4.6% from last year).
• Median Sales Price: $299,900 (up 3.1% from February 2023).
• New Listings: There was a 24.3% increase in new listings, with 1,863 homes added.
• Homes Sold: Sales rose by 11.9%, with 1,151 units sold.
• Market Stability: Despite the increase in inventory, average days on the market remained stable at 57 days.

Market Dynamics and Forecast

• Inventory Increase: Active listings rose by 35.6%, but demand still outstrips supply.
• Slight Increase in Seller Competition: The supply of inventory went up to 3.2 months, hinting at a bit more competition among sellers.
• Market Growth: The Greenville area is expected to see gradual growth, with a forecasted increase in home values through 2025.

Key Takeaways for Buyers

• Home Prices: They are not dropping; instead, there's a steady rise due to ongoing demand and limited inventory.
• Market Status: Greenville remains a seller's market, with properties selling quickly and often receiving multiple offers.
• Is It a Good Time to Buy?: Despite the seller's market, it could still be a good time to buy, considering the potential for property appreciation and relatively low mortgage rates. Buyers should be ready to act fast and decisively.

This summary provides a snapshot of the Greenville housing market, offering insights into why home prices have increased significantly over 2021 and what buyers might expect moving forward.

Source: https://www.noradarealestate.com/blog/greenville-sc-real-estate-market/#How%20Is%20The%20Greenville%20Housing%20Market%20Doing%20currently?

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