30 Jul July 2019 Market Update
In 2018, the Upstate hosted over five million visitors — and when people visit, they fall in love and want to stay! In order to keep up with home buyer demand, downtown areas are quickly increasing residential opportunities. Spartanburg’s downtown added 450 new apartments in the last 7 years and Greenville’s downtown added 2,040 residences in the past 4 years.
Even with incredible growth, more housing is needed. Spartanburg’s current occupancy rate is at 97% and Greenville’s downtown is predicted to grow by 4,600 to 6,000 new residents over the next 10 years.
This buyer need is one reason Coldwell Banker Caine is proud to represent developments like Canvas, Greenville’s newest townhome community. The Beach Company‘s Canvas project will enhance Greenville’s beautiful Heritage Green area and provide walkability to downtown Greenville.
New construction developments like Canvas and more resale homes welcome local and relocating buyers. In June, new listings increased 6% in Spartanburg and 4% in Greenville as compared to June 2018. In the same time period, closings increased by 2.5% in Greenville and 5.6% in Spartanburg. Therefore, some, but not all, of the additional supply is being absorbed by increased buyer demand.
Price appreciation continues but is leveling. The average home is selling at $262k in Greenville, an increase of 5.3% June over June and the average home price in Spartanburg is $198k, a slight decrease of .5%.
With the strong demand, homes are still selling at 98% of list price and selling quickly – average days on market of only 78 in greater Spartanburg and 48 in greater Greenville.
Coldwell Banker Caine has experienced an amazing summer. A record 52 of our agents achieved Circle of Excellence award, given to agents who achieved $1 million in listing or closing volume, or four units listed or closed.
Thank you to our incredible clients for choosing to work with the trusted name of Coldwell Banker Caine. Stay tuned for BIG announcements next month regarding our brand! See you next time for another Market Update.
