The Greenville real estate market continues to experience a wealth of positivity in 2016. The second quarter witnessed a blend of steady home prices, appreciation rates and total equity gains for Greenville real estate. Additionally, gains in the last three years have extended the trend of positive growth after the recession, which should benefit Greenville real estate investors and homeowners alike. Other factors influencing the Greenville real estate market in 2016 include the local economy, new housing construction and home affordability — all of which look promising. All things considered, the second-half should give way to a profitable and exciting year for the Greenville real estate market.
Greenville, SC Real Estate Market Statistics:
The Greenville real estate market remains on pace with the national average in terms of both total equity and home appreciation. One-year appreciation rates for Greenville real estate were 4.7 percent during the second quarter, compared to the national average of 4.9 percent, while three-year rates were identical at 17.8 percent. Price appreciation and payments in the last three years have boosted total equity growth since the recession, which bodes well for Greenville real estate investors and homeowners. For those considering Greenville real estate investments, the following highlights appreciation gains in previous years:
- Homes purchased in the Greenville, SC housing market one year ago have appreciated, on average, by $11,463. The national average was $14,963 over the same period.
- Homes purchased in the Greenville, SC housing market three years ago have appreciated, on average, by $36,796. The national average was $46,878 over the same period.
- Homes purchased in the Greenville, SC housing market five years ago have appreciated, on average, by $53,038. The national average was $82,353 over the same period.
- Homes purchased in the Greenville, SC housing market seven years ago have appreciated, on average, by $63,376. The national average was $77,054 over the same period.
- Homes purchased in the Greenville, SC housing market nine years ago have appreciated, on average, by $54,484. The national average was $31,126 over the same period.
For Greenville real estate investing purposes, total equity gains have mirrored the national average for the past nine years. Although home prices are slightly below the median average, appreciation gains continue to mirror the rest of the country. The biggest margin in price difference is revealed in year nine, with homes generating $35,500 in total equity, compared to the national average of $15,400. Additionally, homes purchased in 2005 (the peak of the housing crisis) have nearly doubled the rest of the country, gaining $70,061 compared to $34,380
Foreclosures are another element that impact the health of real estate market. According to RealtyTrac, Greenville saw 564 properties in some stage of foreclosures during the month of September. Although this represents a very small portion compared to other markets, the number of foreclosures in Greenville continues to increase. In fact, foreclosures have now increased three percent from the previous month, and 25 percent from the same time last year.
Greenville, SC Real Estate Market Summary:
- Current Median Home Price: $188,000
- 1-Year Appreciation Rate: 4.7%
- 3-Year Appreciation Rate: 17.8%
- Unemployment Rate: 5.2%
- 1-Year Job Growth Rate: 1.8%
- Population: 61,397
- Median Household Income: $41,553
Greenville, SC: Real Estate Market (2016) — Q2 Updates:
Situated in the upstate region of South Carolina, the Greenville real estate market continues to make significant strides since the recession. The median home price for Greenville real estate was $188,000 during the second quarter, compared to the national average of $239,167, with homes appreciating at a one-year rate of 4.7 percent and three-year rate of 17.8 percent. Although prices remain slightly below the national average, the Greenville real estate market is gradually becoming ripe with investor opportunity.
Another component impacting the Greenville real estate market is the local economy. The unemployment rate in Greenville reached 5.2 percent during the second quarter, compared to the national average of 4.9 percent. Although this lags the rest of the country, unemployment in Greenville has improved relative to the same period last year. On the other hand, new job growth remains similar to the national average, as new jobs grew at a rate of 1.8 percent during the second quarter, compared to the rest of the country at 1.9 percent. That said, the local employment growth in Greenville is poor and needs to improve.
Lastly, new housing construction and home affordability continue to benefit the Greenville real estate market. The level of construction in Greenville was 65.3 percent above the long-term average during the second quarter, while single-family housing permits grew 9.3 percent, in comparison to 10.6 percent achieved by the national average. This should only further improve home affordability for the Greenville housing market, which remains one of the more affordable options to those looking to buy. Homeowners paid 10.2 percent of their income to mortgage payments during Q2, as opposed to the rest of the country which paid 15.8 percent.
According to the National Association of Realtors, the Greenville estate market is expected to generate higher price growth in the next 12 months, compared to the national average. The NAR predicts Greenville real estate will grow at a rate of 4.3 percent in the second-half of 2016, compared to the national average of 3.6 percent. Moving forward, Greenville real estate is expected to see positive growth in the second-half, and possibly into 2017. With home prices and appreciation rates on the rise, now may be the time for investors to strike the Greenville real estate market while it’s hot.
