2022 Recap: Real Estate Market in Greenville
Coming off an unprecedented 2021, the 2022 housing market was a turbulent one, says local RE/MAX REACH Broker/Owner, Jeremy Russell. The market was affected by inflation, raising interest rates, and elevated sales prices. The result was more inventory to choose from, increased pricing, and less buyer activity.
In 2022, total Closed Sales were down 5.9% from the record breaking 2021 performance.
The Average Median Sales Price in the Upstate in 2022 was $302,187, up 14% from 2021, which was $265,000. Sellers were still benefiting from positive equity when they were selling, but we saw somewhat of a softening Fourth Quarter.
The increased inventory in 2022 gave buyers more options and substitutes, and sellers more competition starting mid year. For the year, inventory was up 29.5% from 2021. In December 2022, inventory was up 101% from December of 2021. When compared to the housing bubble 15 years ago, we are still way below those inventory levels, so despite what you hear, we are still in a sellers market.
The average Days on Market leveled out in August 2022 compared to 2021, and since, has increased month over month following. Although lower than 2021 overall, the trend has been moving to longer days on market, which, historically, is still favorable.
In conclusion, 2022 was a turbulent year in real estate. As we enter 2023, we are hearing we have already seen the peak in interest rates. Prices will continue to rise, but at a much more conservative rate, and the total units sold will be fewer than our previous record breaking years, but still higher than years past.
This comes down to more inventory for buyers to pick from than in recent years, with less buyers to compete against. If buyers are in a position to buy, it is a great time! For sellers, since there is more competition than in recent years, it is more important than ever to make your house stand out among all the other competition, and price your home right!
More about Jeremy Russell:
Licensed in 2007, Jeremy jumped in and learned how to effectively market in a down market. After hitting multiple RE/MAX award levels early on, Jeremy decided to take his career to the next level by starting a team, Jeremy Russell & Associates. Within a few short years, his team gained the ranks of the top 3% in RE/MAX. Jeremy strives to remain at the top of the industry and has earned multiple accreditations along the way, including Certified Luxury Home Marketing Specialist, Accredited Staging Professional and Accredited Buyer’s Representative.
In 2018, Jeremy wanted to further scale his business, so he started a new RE/MAX brokerage, RE/MAX REACH, in Mauldin, SC. With almost 15 years of experience, Jeremy has seen much success and growth during his real estate career. In November 2021, Jeremy opened his second RE/MAX REACH office in Boiling Springs, SC. The addition of this new location enables Jeremy and his agents to continue to REACH and assist even more of the Upstate of SC.
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