2020 Market Predictions
I hope you had a wonderful, safe Christmas!
It’s hard to believe we’re already at the end of another year. No one can predict exactly what the real estate market is going to do in 2020, but I can share some predictions.
According to realtor.com, here’s what we can expect from the housing market nationwide next year:
– Home price growth will flatten, with a forecasted increase of 0.8 percent
– Inventory will remain constrained, especially at the entry-level price segment
– Tight inventory and rising mortgage rates will lead to dropping sales
– Buyers will continue to move to affordability, benefiting mid-sized markets
However, it’s important to note that all this is a national projection. Some experts are projecting slower economic growth for the state of South Carolina into 2020. Fortunately, the economy growth of the Upstate remains strong.
While it appears the real estate market in Greenville may have softened some in 2019, active listings are up from 2018, demand is steady, and median prices are still rising (though not as fast as we’ve seen in the past). Specifically, inventory levels through November 10th (active homes on the market) are up 5.6%. The Median Price is up 3.9% to $264,900. The average days on the market for the current inventory are down slightly to 2.8% (98 days).
Despite what the market ends up doing, if you’re looking to sell or buy a home next year, please get in touch. I’ll be happy to help!
Sources: https://www.realtor.com/research/2020-national-housing-forecast/, https://www.postandcourier.com/business/real_estate/slower-economic-growth-ahead-through-for-sc-charleston-usc-economist/article_d3389726-c2a1-11e9-ac32-9f4b11f81458.html