Final Look at 2023 Shows Strong Price Growth in Greenville

The end of 2023 confirmed a trend many suspected all year: Greenville’s market kept its footing despite turbulence, interest rate swings, and national narratives insisting everything should be falling apart. Instead, the region closed the year with unexpectedly strong momentum, steady demand, tighter inventory than expected, and price increases that defied the broader headlines. The final print revealed something surprisingly simple: Greenville still has structural demand that refuses to slow down, even when the market itself feels messy.

Looking at the year as a whole, the rhythms were uneven, the pacing changed, and the energy shifted month to month, but the market’s backbone stayed intact. Strong price growth became the defining storyline, even when the numbers tempted people to assume otherwise. What emerged from the Greater Greenville Association of Realtors data was a year shaped by stability, natural recalibration, and a late-year push that signaled buyers were still out there and still competing.

With the full picture now in hand, the data offers a clear and detailed look at how Greenville ended the year, why the fundamentals stayed strong, and what this means heading into 2024.

Greenville Real Estate and the Strong Price Growth That Defined 2023

The biggest takeaway from the final release of numbers is clear: strong price growth returned as a central theme. Despite elevated mortgage rates and buyer hesitation, the median sales price for December landed at $315,000, a 6.7 percent increase from the same month last year. For a market that was supposedly on the brink of cooling, this upward move said otherwise.

The broader 12-month median settled at a 2.9 percent increase, a more conservative number but still firmly on the positive side. And when paired with the late-year surge that showed October, November, and December as three of the strongest appreciation months of the entire year, the story became even more compelling. It was a reminder that buyers never fully stepped away; they only adjusted their timing and strategies.

The pattern mirrored the feel on the ground, a market that was steady, active in pockets, and surprisingly competitive in certain price points. It wasn’t the chaos of the pandemic boom years, but it wasn’t the slowdown many expected either.

New Listings Rise, But Still Sit Below Historic Norms

New listings delivered one of the biggest storylines in the final quarter. December inventory posted an 8.7 percent year-over-year increase, following a similarly strong November. After years of unusually low supply, seeing these numbers move up offered a sense of normalcy creeping back into the market.

But rising supply didn’t mean the market was suddenly flush with options. Even with the month-over-month gains, new listings were still lower than pre-pandemic norms, which kept overall competition steady. This was the nuance many missed. The increase was notable, but the baseline remained tight enough that demand still outweighed supply.

The increase also hinted at something else: sellers who resisted listing for years under low-rate conditions finally began re-entering the market. Life events, relocation needs, and natural turnover all regained momentum, creating fresher inventory that helped move the market forward.

Pending Sales Stabilize With Signs of Renewed Momentum

Pending sales offered one of the more interesting pivots. November posted a 4.8 percent year-over-year increase, one of only three positive months in all of 2023. And while December’s number will be revised, early indicators suggest another positive print.

Stability matters here. Pending sales are often the first place to spot a shift in buyer confidence, and the data showed that the final quarter drew buyers back into the game. Even with higher rates, demand quietly strengthened.

The numbers were still lower than pre-pandemic levels, but the direction changed, and direction matters. Stability replaced the decline that marked much of the year, and that shift helped support the strong price growth Greenville ended with.

Closed Sales Decline Slightly, But Seasonal Patterns Hold

Closed sales dropped 1.4 percent year over year, landing at 1,211 for December. While that looks negative at face value, the context matters. December closings typically reflect November contracts, a slow month almost every year.

More importantly, nothing in the closed sales data suggested distress, imbalance, or a weakening market. There were no sharp drops, no concerning patterns, and no deviation from typical seasonality. It was a soft number, but a normal one.

Days on Market Jump as Older Inventory Finally Gets Cleared Out

One of the clearest signals of market recalibration was the increase in days on market. December reached 52 days, up from 43 the previous year. This wasn’t a sign of collapsing demand, but rather the natural cleanup of older, stale inventory that finally began moving.

The shift was visible in daily market activity. Homes in good condition and priced correctly still attracted strong interest, while overpriced listings lingered longer. It felt much like 2017 or 2018, a seller’s market but without the frenzy, with buyers acting more selectively and sellers needing to be more strategic.

The increase also marked the eighth consecutive month where the year-over-year gap narrowed, showing that the market was working through the distortions caused by the rapid rate spikes of 2022. By absorbing older listings, the market reset its foundation heading into the new year.

Strong Price Growth Caps the Year With a Clear Signal

The final quarter delivered the clearest message. Greenville closed 2023 with strong price growth during a period when many expected the opposite. October posted a 7.7 percent increase, November added a 3.1 percent increase, and December closed with a 6.7 percent increase. Three straight months of notable appreciation showed that the market was far healthier than many assumed.

This wasn’t forced growth or artificial inflation. It came from stable demand, controlled supply, and a region that continues to attract buyers even in challenging macro conditions. Any concerns about widespread price declines never materialized. Instead, Greenville continued its long-term trend of steady upward movement.

Affordability Climbs Slightly, But Still Faces Pressure

The housing affordability index reached 90, a mild improvement from the prior months but still below the ideal threshold of 100. The increase was tied entirely to falling mortgage rates, which eased payments slightly during the final stretch of the year.

However, early January rate movements already threaten to pull the number back down. It’s a delicate balance, and affordability will likely remain one of the biggest storylines heading into 2024.

Inventory Levels Show the Real Story Beneath the Surface

Inventory ended the month at 3,726 homes, though this number is almost certain to be revised downward. Early estimates suggest the true count may be closer to 3,400, which would keep Greenville well below pre-pandemic norms.

This remains one of Greenville’s defining market constraints. Without more consistent inventory growth, demand pressure naturally translates into strong price growth. And based on the past several months, inventory isn’t correcting quickly enough to slow that trend.

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Bottom Line

The final look at 2023 shows strong price growth that stood firm despite rate volatility and uneven activity. Inventory rose but remained limited, pending sales leveled out, and days on market mostly reflected the natural cleanup of older listings that finally got scooped up (those homes were basically the leftovers in the back of the fridge). Demand, despite everything, held up far better than most people expected (Greenville really said, “plot twist”).

By the time 2024 arrived, Greenville had rolled in with clear upward momentum, a rebalanced market, and fundamentals that still lean toward steady appreciation (not fireworks, but definitely not a fizzle either).

Ien Araneta

Journal & Podcast Editor | Selling Greenville