2021 RECAP: REAL ESTATE MARKET IN GREENVILLE
The 2021 housing market exhibited record sales dating back to 2006, says local RE/MAX REACH Broker/Owner, Jeremy Russell. Additionally, we experienced higher sales prices, lower inventory, fewer days on market, and historically low interest rates.
Median home prices in the Upstate saw double digit increases from 2020, which fueled an aggressive bidding environment from buyers, often paying over asking price, without typical contingencies, with much fewer days on the market. In 2021, the median price started at $237,649 in January, and in December, wrapped up 17.33% higher at $287,480.
Lower inventory, among other factors, also contributed to the increased demand in 2021.
The average Days on Market dropped significantly since 2020, averaging 45% less in 2021. Average Days on Market in 2021 were 29 days, down from 53 days in 2020.
In conclusion, 2021 was a historical year in real estate. As we enter 2022, we are hearing the values will continue to increase, but at a slower rate than in 2021. Interest rates will increase slightly, mainly affecting the 3rd and 4th Quarter, but still be at very attractive rates compared to prior years. If you would like to discuss your real estate needs, you can reach us at info@carolinareach.com, or call (864) 250-4440.
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Find out more of what’s going on in the Upstate here.