Upstate housing market struggling to keep up with demand

Local News

(WSPA) – The housing boom continues across the Upstate with realtors and potential buyers coming up short in their search for inventory.

Multiple Listing Service, also known as MLS, is a tool relators use to get information. MLS’s statistics paint a picture no buyer wants to see. There are more buyers than properties available. It’s a dilemma even seasoned realtors said they didn’t see coming.

Nearly 3,000 single family homes, condo’s and townhomes are available to buy in Greenville, but those looking to purchase outnumber the inventory.

 “It’s a bidding war out there. I can’t tell you how many times a house will go on the market and there are multiple offers with a week.” Greater Greenville Realtors Association CEO Nick Sabatine said.

Some properties are snatched up within 24 hours of going on the market.

“After the recession, it was 120 days on the market. Sometime 180 days on the market, and now we’re down to 40, low 40s,” Sabatine said.

Sabatine said some buyers are even paying over asking price.

The National Association of Realtors supports and helps realtors with continuing education classes. It also keeps them informed in an ever changing market. 

The average price of a home in the Greenville area grew from $260,000 in 2020 to more than $300,000 in 2021.

“I never would have predicted this. Neither did the National Association of Realtors’ economists. They didn’t predict this either. It’s unusual. But it all boils down to inventory, and low interests rates, and low mortgage rates – very important also,” Sabatine said.

More than a billion dollars worth of properties have sold so far this year in Greenville. That’s compared to $8 million this same time last year.

Officials said builders are finding it difficult to keep up with demand.

“By the time those houses are built and constructed, it will be a year from now. That will help with inventory, but right now it’s not helping,” Sabatine said.

Statistics show that housing sales were strong even through the pandemic.

According to the experts, increased housing demand isn’t confined to the Upstate market. The same short supply and high demand issue is happening across the country.

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