South Carolina is one of the most popular states to move to in the United States. In 2022, South Carolina added nearly 220,000 new residents from other states. People are coming from all over the country, from California to New York.
This comes as no surprise given the many benefits of living in South Carolina. Residents enjoy a warmer climate, fewer taxes, and growing business opportunities.
As a real estate investor, you can take advantage of these favorable conditions. Read on to explore real estate trends in Greenville, South Carolina.
Greenville Population Trends
Greenville is receiving national attention for its appeal. Experts predict that the city's population will grow by another 222,000 people by 2024. The number of jobs is expected to increase by 86,000.
The city's population is increasing from births and net migration. People realize that this is a great place to raise a family.
For those who want to invest in real estate, Greenville presents a significant opportunity. With so much incoming demand, people will be looking for both long and short-term rentals. Commercial real estate is also popular as new businesses emerge to support population growth.
Interest Rates
Nationwide, many buyers and sellers remain on the sidelines due to higher interest rates. They have mortgage rates below 4% and do not want to move into a 6% or 7% rate.
However, population growth in Greenville suggests the local real estate market is somewhat shielded from national trends. Americans from the Northeast and West Coast are fleeing from the high cost of living.
They can accept a slightly higher mortgage rate if it means lower home prices and fewer taxes. Also, economists predict that the United States Federal Reserve will start slashing interest rates in 2024. This means that mortgage rates will come down and current buyers can refinance later.
Housing Inventory
Housing inventory in Greenville is bouncing back from historic lows. In March 2022, there were only 819 active listings in Greenville, Anderson, and Mauldin. Just 14 months later, this number has more than doubled to 2,112.
Before the Covid-19 pandemic, the number of active listings was typically greater than 3,000. The Greenville area has some work to do to return to these levels. Lower interest rates will likely push the number of active listings even higher.
Home Prices
Some buyers are waiting for residential real estate prices to come down. This is not a wise strategy given the trends in Greenville.
If the Fed lowers interest rates, it will release pent-up demand on both the seller and buyer side. With robust demand for homes, we will likely see a return to bidding wars and offers that are greater than the asking price.
Your Guide to Real Estate Trends in Greenville, South Carolina
You are now ready to consider property investments in Greenville. This is a city with incredible opportunities for growth.
PMI Southern States has the experience to help you capitalize off of the local Greenville market. If you want to learn more about real estate trends in Greenville, contact us today at PMI Southern States to speak with an expert.
