2023 Q# Real Estate Market in Greenville with Jeremy Russell
Surging borrowing costs, rising sale prices, and low inventory has caused the overall units sold to decline so far this year, says RE/MAX REACH Broker/Owner, Jeremy Russell.
Third Quarter year to date in 2023, total Closed Sales were down 9.5% from 2022. The average units sold year to date in 2023 is 1,280 units per month, compared to 1,448 average units sold in 2022, which is a 12.2% decline.
The Average Median Sales Price year to date Third Quarter in the Upstate in 2023 was $307,500, up 2.8% from this same time in 2022, which was $299,000. Sellers are still benefiting from positive equity when they are selling!
The increased inventory year to date Third Quarter in the Upstate in 2023 gave buyers more options and substitutes. Year to date, average inventory is up 51.4% from 2022. In September 2023, inventory was up 14% from September of 2022.
The average Days on Market year to date was up 83.3% from 2022, at 44 days on market. September 2023 days on market was up 48.1% at 40 days on market, compared to 27 days on market in September of 2022. The price point that sold the quickest was $150,000 and below, at 33 days on market. The slowest price range was the $1,000,000 and above range at 60 days on market.
In conclusion, total units sold in 2023 are projected to be similar to 2019 and 2020 numbers, which is still a healthy volume. As we enter 2024, some are saying interest rates may have a small drop in the second half of the year. As interest rates fall, the total units overall sold should increase, but price may also continue to increase.
If buyers are in a position to buy at the current interest rates, it is a great time because they may have less competition, and more options to choose from! If rates go down in the future, they can refinance for a lower rate but not have to pay the higher appreciated sale price as prices are looking to continue to increase.
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 houses, and price your home right! The days of agents just putting a sign in the yard are over. A thorough Marketing Plan is needed to give your home unique exposure locally and nationally to get your home sold for the most money in the least amount of time. Since we are seeing the majority of the buyers currently are purchasing due to life changing events, and fewer from local to local moves, National and International Marketing exposure is crucial in getting your home sold.
If you would like to discuss your particular real estate needs, you can reach us at office@carolinareach.com, or call (864) 250-4440. You can also visit their website here.
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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 over 16 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.