Housing market trends lean in favor of seller, Upstate continues to boom

FOX Carolina's Jarvis Robertson speaks with a REALTOR from Keller Williams about trends in the housing market.
Published: Mar. 9, 2022 at 12:15 AM EST
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GREENVILLE, SC (FOX Carolina) - Looking for the perfect home might be more complex than you think. The Upstate continues to be a magnet for new residents to South Carolina.

FOX Carolina spoke with a real estate agent about the housing market trends currently happening in this area.

J. Michael Manley from Keller Williams Reality Upstate says the population density of South Carolina has increased 63 percent. Here in Greenville County, the average price for a home sold within the last 30 days is $336,000.

“People are transferring here from other areas of the country,” Manley said.

He says there are 313 single family homes listed in the multiple listing service (MLS) for the county which is not enough to meet the demand.

“If you look, we have less than seven days of inventory on the market for people looking for homes,” according to Manley.

To meet the high demand, there should be 3,600 to 4,000 houses on the market.

When looking for that perfect home in a specific area, Manley says sometimes he reaches out to neighbors before their home is ever listed. Or, maybe before a person has thought about selling.

Last week, Lt. Governor Pamela Evette said the Upstate is short 18,000 homes because older adults aren’t setting as much now that they’re empty nesters.

“What they’re doing is actually hanging on to their home and kind of redoing them,” Evette says. “And so, that’s not bringing their homes back into the market.”

Such a high demand means the advantage is to the seller, in most cases.

“It’s definitely 100 percent a hyper-seller’s market,” Manley told us.

More than likely, you’re going to end up spending more than the price tag has listed. Possibly tens of thousands more.

A few things to remember if you’re looking to purchase is hire a full-time real estate agent to help you, know and understand the market when jumping in, be willing to expand your territory search, don’t max out too soon because you may have to go over asking price, and be willing to move quickly.