After decades as a real estate broker and investor, I have learned that in addition to being mindful of the current week-to-week and month-to-month trends, it is important to also understand the long-term trends of a market to help put current data into perspective.
Below you will find charts showing 3 years of market data for single family homes and condominiums in Greenville zip code 29601. Note: Because this zip code covers an area that is primarily downtown, there is more reliable data available for condominiums than for single family homes.
In January 2013, the median price for a home offered in Greenville 29601 was $220,000, with that median price increasing to over $600,000 in January 2015. Today, the median price has declined to $480,000. Note: There were few single family homes sold in the 29601 zip code during this timeframe so the data will “jump around” and does not reflect the actual market.
In January 2013, the median price for condominiums in Greenville 29601 was $300,000, with that price increasing steadily to $515,000. Over slightly less than 3 years, the median price for condominiums has increased approximately 70%. Note: This number more accurately reflects the increase in downtown property values than does the single family data shared above.
The total number of homes on the market in Greenville 29601 has fluctuated between 20 and 40 homes over the past 3 years. Inventory has increased since spring 2015.
Because a significant number of condominium units on the market are currently under construction, condominium inventory has also increased over this period. Most of these units are selling quickly or will be sold as soon as they are finished.
The average number of days on the market for both single family homes and condominiums has dropped significantly over the past 3 years. Back in January 2013, the average number of days on the market was around 250; this number has dropped to about 125 days now. Note: Again, the condo data is affected by the number of condominiums currently under construction while on the market.
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