The local Greenville SC housing market is shifting, and here's what you need to know. New listings nudged up by 2.8% to 1,953, which means more homes are hitting the market. But pending sales took a sharp 37.1% drop, showing that buyers are being a little more cautious. Meanwhile, inventory jumped a solid 33.4%, reaching 4,780 available homes. More choices for buyers, but sellers might need to adjust their expectations. Home prices, however, are still on the rise-the median sales price increased by 5% to $315,000. And if you're wondering how long homes are sitting before they sell, it's now averaging 62 days-an 8.8% increase from before.So what does this all mean? We're inching toward a more balanced market, but sellers still have the upper hand in pricing. The months' supply of inventory climbed 28.6% to 3.6 months, meaning there's more breathing room for buyers, but it's not a full-blown buyer's market just yet. Nationally, home prices continue to rise due to limited supply, and our local market is following that trend. If you're looking to buy, you've got more options than before. If you're selling, pricing right and being patient is key. Either way, keeping an eye on these trends will help you make the best move! What it means for youThe local housing market is shifting-more homes are hitting the market, but buyers are taking their time, leading to higher inventory and longer days on the market. For buyers, this means more options and a little less pressure to make decisions. Sellers, on the other hand, may need to price strategically and be patient as the market evens out. Prices are still rising, so it's not a full buyer's market just yet. Whether you're looking to buy or sell, understanding these trends is key to making the right move. Consult with a local real estate expert to navigate this changing market and make the most of your opportunities. Greenville County has long been known as a key economic hub in South Carolina. It offers a variety of shops, restaurants, lively neighborhoods, exciting events, art galleries, and numerous attractions to discover.At PRODUCER Realty, we assess property values using the latest market data and trends. Since the real estate market is constantly changing, our Expert Advisers stay up to date with current information to provide top-tier service to our clients.Call us if you'd like more information about the Greater Greenville, South Carolina, region market. Feel free to get in touch with our team at 864-438-5050 or visit our website at www.GreenvilleRealEstateHub.com.
