Have Homes Bought Since 2021 Actually Lost Equity?

The question sounds simple enough, but anyone who’s lived through the past few years in real estate knows there’s rarely a simple answer. Between record-low interest rates, pandemic-era bidding wars, and the roller coaster that followed, buyers who entered the market at its peak have every reason to wonder: Did I buy too high?

For months, that question hung in the air like South Carolina humidity—sticky, uncomfortable, and impossible to ignore. But when the numbers finally came in, they told a story that might surprise even the most cautious homeowner: Greenville buyers, it turns out, are doing far better than most people think.

Have Greenville Homes Actually Lost Equity Since 2021?

The focus here, Lost Equity, captures what this deep dive truly explores—whether those who bought during the height of 2021 have seen their home values fall, hold steady, or grow. The findings show that in Greenville’s market, equity hasn’t vanished — it’s multiplied.

This isn’t a story of panic; it’s a story of perspective. While national headlines love a crisis, Greenville’s data proves that most homeowners are still sitting comfortably above water—and in many cases, floating a little higher than before.

The Big Question That Started It All

It began with a simple curiosity: what happened to people who bought their homes during the 2021 frenzy and then had to sell within the next few years? Did they walk away with profit or pain?

That curiosity turned into a spreadsheet marathon (and maybe a small caffeine dependency). The dataset included every home sold between January 1, 2021, and June 30, 2024—a stretch that captured the highs, the cooldowns, and everything in between.

After filtering out quick flips and investor experiments, the numbers revealed a clear truth about Greenville’s market: it bent, but it never broke.

Life Happens Faster Than We Plan For

Most homeowners buy with a plan—at least, that’s the idea. Some picture five years, others dream of forever. But life rarely checks your timeline before changing it.

New jobs, growing families, health shifts—any of these can send a homeowner back into the market earlier than expected. And when that happens, lost equity becomes a real fear.

It’s like showing up for a marathon only to find the route’s been shortened—you still finish, just not the way you pictured it.

The New Construction Trap

Buying in a shiny new subdivision feels like winning the lottery—fresh paint, untouched floors, and that new-home smell. But when builders keep working on future phases, early buyers often find themselves competing with brand-new homes next door.

It’s like trying to sell last year’s iPhone at an Apple Store—someone’s always unboxing the latest model.

Some 2021 buyers ran into that exact issue. They bought early, only to realize two years later that builders were selling upgraded versions for less. Inflation, material costs, and shifting demand all played their part.

A Different Kind of Market Shift

This wasn’t 2008 all over again. There were no reckless loans or housing bubbles popping overnight. This time, the turbulence came from the Federal Reserve’s rate hikes.

When mortgage rates doubled, the market didn’t crash—it paused. Buyers hesitated, affordability shrank, and everyone started watching Fed announcements like a season finale.

And yet Greenville held firm. While national pundits warned of lost equity, the Upstate’s fundamentals—job growth, migration, and steady supply—kept values climbing.

The Numbers Don’t Lie

Once the spreadsheets were cleaned and checked twice, the results spoke loud and clear:

• 95.4 percent of people who bought homes after January 1, 2021, and sold before June 30, 2024, sold for more than they paid.

• Only 4.6 percent sold for less.

• The median gain was about $57,000, and the average gain was nearly $80,000.

  
  

Even accounting for closing costs, most homeowners came out comfortably ahead. For Greenville, lost equity simply didn’t happen—equity expanded.

Price Growth and Perspective

The median home price for this group hovered around $307,000, consistent with the broader market. From purchase to resale, prices climbed about 17.4 percent.

That means someone who bought a $300,000 home in early 2021 likely sold it for nearly $352,000 less than two years later. Not bad for a stretch the media labeled “unstable.”

The median ownership time? Just 1.83 years. Two trips around the sun—and a solid return along the way.

Equity Gains by the Day

Here’s where the math gets fun. Greenville homeowners gained about $82 a day in value during that period—roughly $30,000 a year—simply by living in their homes.

That’s not investing—that’s existing. (If only gym memberships worked that way.)

Luxury properties showed the biggest swings—one gained $1.2 million, another lost nearly $200,000—but the typical homeowner? Still solidly in the green.

Why Greenville Stands Apart

National averages can look grim, but Greenville continues to chart its own course. Its balance of affordability, job stability, and lifestyle appeal creates real demand instead of speculative hype.

When other markets wobbled, Greenville simply adjusted its footing. The data makes it clear: this city’s market isn’t running on luck; it’s built on fundamentals.

Lessons for Buyers and Sellers

Every housing cycle offers a few takeaways, and Greenville’s story reinforces them all:

• Timing isn’t everything. Even “peak” buyers can win in a steady market.

• Equity favors patience. Quick flips fade; long-term stability builds wealth.

• Location and fundamentals matter. Greenville’s slow-and-steady approach keeps it resilient through uncertainty.

  
  

The fear of lost equity often comes from headlines, not home values.

Watch Or Listen To The Selling Greenville Podcast

Subscribe to the Selling Greenville podcast for real-time insights, bold perspectives, and unfiltered takes on the Upstate housing scene. Whether you’re buying, selling, or simply watching the market unfold, this is where Greenville goes to stay informed.

Bottom Line

Despite the national chatter, Greenville homeowners who bought since 2021 haven’t lost equity—they’ve gained it. Some modestly, others significantly, but the trend remains positive.

Life happens. Markets shift. Yet Greenville’s data tells a steady story: through the wildest real estate chapter in recent memory, the Upstate didn’t crack—it adapted.

So if you bought your home at the so-called peak, relax. Odds are you’re still ahead—and if your house quietly built wealth while you watched Netflix, that’s the kind of return every homeowner can appreciate.

Ien Araneta

Journal & Podcast Editor | Selling Greenville