Coronavirus Part 2—What We Know Now

The world stopped spinning for a moment in early 2020 — or at least, that’s how it felt. But in Greenville, the real estate market had other plans. Even as the coronavirus reshaped daily life, local housing didn’t grind to a halt. It simply learned how to move differently — masked, cautious, and still curiously busy.

Behind the headlines, something remarkable was happening: the Upstate market wasn’t collapsing; it was recalibrating. The fear of recession was real, but the numbers? They painted a more nuanced picture — one of resilience, adaptability, and even opportunity (the kind that shows up quietly while everyone else is panic-buying toilet paper).

Greenville Real Estate Amid the Coronavirus

Greenville real estate has always had a reputation for being steady — even stubborn — through turbulence. And the early pandemic proved that reputation right.

While some markets across the U.S. froze under lockdowns, Greenville’s kept breathing. Real estate was deemed an “essential business,” which meant showings could still happen (with plenty of hand sanitizer and awkward air high-fives). Homes continued to list, and buyers, though fewer, were serious.

There was hesitation, of course. Some sellers paused plans, worried about timing or exposure. Others leaned in, hoping to take advantage of lower inventory. Either way, movement never fully stopped — and that says a lot about the underlying strength of the Upstate’s housing demand.

The Mortgage Market: A Bumpy Ride (Without a Seatbelt)

Just when everyone thought mortgage rates couldn’t drop lower, they did. Then, almost overnight, they didn’t.

Rates hit historic lows, sparking a rush of refinances so overwhelming that banks simply couldn’t keep up. It was like trying to pour a gallon of water into a coffee mug — the demand overflowed. To slow the surge, lenders raised rates, causing them to jump nearly a full point within days.

For a brief period, rates fluctuated multiple times per day. Buyers who thought they’d locked in a low number were suddenly watching it bounce higher — and sometimes back down again. (It was the financial equivalent of watching a cat try to decide if it wants to go outside.)

But by the end of that wild stretch, rates began to stabilize. They settled back into the mid–3% range, which kept the housing market alive and kicking. In short, volatility didn’t kill the deal — it just made everyone a little more caffeinated.

Sellers and the “Now or Later” Dilemma

If you had a home on the market in early 2020, you probably aged five years in a week.

For sellers, the pandemic created a unique pressure cooker: should they hold firm or drop the price before the market turned? For some, fear won out, and price cuts followed. For others, patience paid off.

Before COVID-19, most Greenville homes sold within 2–3% of their asking price. Suddenly, that gap widened to 10% or more in some deals. Buyers who were once hesitant to negotiate started testing the waters, and sellers who’d been holding firm began to blink.

Still, not all sellers lost ground. Homes that were priced fairly — or in good shape — continued to move, especially those in desirable neighborhoods. The message was clear: even during uncertainty, fundamentals still matter.

Can You Really Time the Market?

It’s a question that comes up every time the economy wobbles: “Should I wait?”

The truth is, waiting for perfect timing in real estate is like waiting for the perfect parking spot on Main Street — you’ll circle forever.

No one could predict how the pandemic would play out, but Greenville’s history offered perspective. Even during the Great Recession, this market stayed stronger than most. Deals continued happening, and demand remained surprisingly steady. The same pattern emerged again — fewer listings, fewer showings, but still, buyers who meant business.

And while national headlines predicted doom, local data whispered something different: Greenville wasn’t sinking; it was treading water — calmly. (And if there’s one thing Southerners know how to do, it’s stay calm when everyone else is losing their minds.)

The Long Game: Why Greenville Still Holds Strong

Short-term volatility grabs headlines, but long-term trends tell the truth. Greenville continues to attract new residents, investors, and businesses — and people still need places to live. That steady inflow keeps demand alive, even in slower months.

Some submarkets, like luxury downtown condos, felt a sharper pinch. But the average homeowner or buyer wasn’t trading million-dollar penthouses anyway. For most, the story was far more grounded — modest price adjustments, not market crashes.

And while it’s tempting to predict another “bubble,” the data just doesn’t support it. Inventory remained tight, hovering near three months of supply. Unless Greenville suddenly stopped growing (and it hasn’t), the fundamentals stayed sound.

So, could there be a dip? Sure. But a collapse? Unlikely. As history has shown, Greenville’s housing market may bend — it doesn’t break.

The Human Side of Uncertainty

Beyond the numbers, there was something deeply human about how the market responded. Contractors self-quarantined after exposure, lenders scrambled to keep pace, and families made tough calls about moving during a pandemic.

And yet, life went on. People still bought homes, still sold them, and still made plans for their future — even while the world felt upside down.

If there’s a takeaway, it’s this: resilience isn’t just a market trait. It’s a human one. (And apparently, Greenville’s got plenty of both.)

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Bottom Line

Even in the face of a global pandemic, Greenville real estate showed that uncertainty doesn’t always equal decline. Rates may have swung, sellers may have flinched, but the market itself held its ground.

For buyers and sellers alike, the lesson is simple: stay calm, stay informed, and don’t let fear make your financial decisions. (And maybe keep a mask in your glove box — just in case 2020 decides to make a comeback.)

Ien Araneta

Journal & Podcast Editor | Selling Greenville