We are in a unique market. Depending on the price point and area, you could be in a buyers’ market or a sellers’ market. A buyers’ market is where the supply of homes is over 6 months. In a sellers’ market there is 4 months and under and a normal market is 5-6 months.
As of December 2017, in the Greenville market, homes priced up to $300,000 is a sellers’ market. $300,000-$450,000 is a normal market and over $450,000 is a buyers’ market. In the Spartanburg market, under $200,000 is a sellers’ market, $200,000 to $300,000 a normal market and over $300,000 a buyers’ market. However, there is a normal supply of homes in the $400,000 to $450,000 range.
Looking forward into 2018, sales are expected to be strong due to the pent-up demand. Builders are putting up homes as fast as they can to meet this demand. If you are thinking of selling, now has never been a better time. Sellers under $300,000 in the Greenville MLS and under $200,000 are getting top dollar due to the low inventory. Depending the amount of new construction coming into the market and the price point of that new construction will be a factor into how long this trend holds true. Buyers who want to buy a home in this market need to have all their I’s dotted and T’s crossed. Basically, be a squeaky-clean buyer making a healthy offer to beat out the other buyers they will be competing against.