Understanding the Market

[Adam Taylor]

Educating investors about market conditions is essential. In a seller's market, home prices typically increase due to limited inventory, while in a buyer's market, prices tend to be more negotiable. According to the National Association of Realtors (NAR), as of 2023, housing inventory remains 40% below pre-pandemic levels, leading to heightened competition in many areas.

To be considered a neutral market, not seller's or buyer's, the specific market center would need to have 6 months of inventory. This means that if not another house was put up for sale, in 6 months, the market center would run out of houses to sell.

In August of 2024, Greenville had 3.8 months of supply. With the current supply, we are technically in a seller's market. The current Average Days on Market is 40 Days. Concerning pricing, we are presently looking at 98.5% from list price to sales price. This means that buyers in our area are, on average, acquiring the house for 98.5% of the listing price.

ex: Listing Price ($250,000) x 0.985 = Sales Price ($246,250)

The data will provide guidance as we determine your next investment!