Market Update: January 2022
According to Realtor.com, Greenville is predicted to be among the top housing markets in the country in 2022. Find out more about what you can expect in real estate this year.
The national housing forecast for 2022 lists Greenville, South Carolina, as the seventh “hottest” housing market out of all metro areas in the country. It projects that home prices in the Upstate will grow by 6% and sales volumes will increase by 11%. Even as affordability likely becomes more of a challenge with rising interest rates and prices, experts say homes in Greenville are still relatively affordable compared to other cities across the nation.
The popularity of Greenville is likely largely fueled by the area’s mild climate and low income and property taxes, as well as the many retirees and remote workers moving here. The population has grown by over 20% in the past 10 years to well over half a million people.
Other national notes from the 2022 report include:
• Suburbs will continue to be popular as more people work from home.
• Millennials will be in a good position to enter the market.
• Affordability will remain a challenge, especially with interest rates expected to rise.
• Rental prices will exceed home prices by approximately 7%.
• Home sales will reach a 16-year high, up 6.6%.
If I can help you navigate the realty market in Greenville this year, please don’t hesitate to reach out!