Home Prices Hit a New Record High

The newest release from the Greater Greenville Association of Realtors paints a decisive picture: pricing power hasn’t faded. In fact, the median home price just set a new peak. This Selling Greenville episode digs through June’s numbers—new listings, pendings, closings, days on market, affordability, and supply—to explain why the market still feels tight and why buyers and sellers are experiencing very different kinds of pressure.

Greenville home prices hit a new record high

Home Prices Hit a New Record—the headline finding that frames how the rest of the numbers line up this month.

A quick headline before the deep dive

• Median sales price: Up 2.7% year-over-year to $320,000, the highest on record for the Greenville market.

• Average sales price: Up 3.5% to roughly $384,000.

• Days on market (list to contract): 39 days in June—down from May (44) and April (54), and well below the late-winter peak (57–58).

• Closed sales: Down 7.3% YoY (from 1,704 to 1,579).

• New listings: Down 17.8% YoY (from 2,331 in June 2022 to 1,915).

• Affordability index: 84 (median household income can afford 84% of a median-priced home at current mortgage rates).

• Months’ supply (after likely revisions): Closer to ~2.5–2.6 months, firmly a seller’s market.

• Active inventory: Roughly ~3,000 homes on market after revisions, below pre-pandemic norms.

Supply: The March peak and a thinner pipeline

New listings fell 17.8% year-over-year in June—2,331 last June versus 1,915 this June. Even more telling, the year likely peaked back in March, an unusually early top for new-listing volume. That last happened in 2017.

Why it matters: When the pipeline peaks early and then cools, fewer fresh options hit the market during the traditional busy season. That’s a key reason the market keeps feeling tight across the Upstate—even as demand has moderated from the frenzy of 2021–2022.

Demand: Pendings are lower, but the floor looks firmer

Pending sales are notoriously undercounted in the initial monthly print (they’re revised up later), so the episode focuses on May (a cleaner reference point) and context for June:

• April → May: Pendings slipped from 1,508 to 1,348.

• May YoY: Down 9.3% (from 1,486 to 1,348).

• June (expectation): Ultimately likely in the low-1,300s or mid-1,200s once revised.

We’re not seeing the 25%+ YoY declines that hit late last year. The host expects we could see positive YoY prints in the fourth quarter, simply because last year’s pendings fell so sharply after rates spiked. Translation: demand has stabilized—not surging, not collapsing—at a lower, more durable base.

Closings: A gentle step down, not a cliff

Closings lag behind pendings, and June closings reflected the softer spring pipeline:

• June closings YoY: Down 7.3%, from 1,704 to 1,579.

• Month-to-month (May → June): Only 8 closings (from 1,587 to 1,579).

In other words, transaction volume eased—but not dramatically. This looks like the market’s baseline, the steady drumbeat left after the most rate-sensitive buyers stepped out and the remaining buyers adjusted to the new normal.

Speed: Days on market slid back into the 30s

If you’re wondering why the market still feels competitive, here’s your answer: days on market fell to 39. For context:

• February–March peak: 57–58 days

• April: 54

• May: 44

• June: 39

That’s well above June 2022’s super-tight 18 days, but still faster than any pre-pandemic reading on the board. Buyers don’t need to sprint like last year, but they also can’t linger. Low supply is forcing decisions within a few weeks, not months.

Prices: Greenville home prices hit a new record high (and why)

Back to the month’s headline: Greenville home prices hit a new record high. The median climbed to $320,000 (+2.7% YoY), with the average at ~$384,000 (+3.5%). This follows a brief negative year-over-year “print” earlier in the year, but June reversed that.

Three forces are at work:

1. Thin supply: Fewer new listings, an early pipeline peak, and active inventory still sitting around ~3,000 after revisions.

2. Faster absorption: Days on market retreating into the 30s pulls good properties off the shelf quickly.

3. Stabilized demand: Not overheated, but steady enough that quality listings find buyers without price capitulation.

Could July print a slight YoY decline? Possibly—the host notes last year’s mid-summer comps were strong. But the 12-month trajectory looks like modest appreciation by year-end.

Affordability: The tightest vice in the report

The Housing Affordability Index sits at 84, meaning a median household can afford 84% of the median-priced home at prevailing rates. Two levers made that happen:

• Prices up (new record median)

• Rates up (relative to 2020–2021)

Even if rates ease next year, the catch-22 is obvious: cheaper money generally stirs demand and can push prices higher again. For now, affordability remains the market’s toughest headwind.

Inventory & Months’ Supply: Revised lower, still seller-skewed

June’s preliminary active inventory number printed high (3,774), but if May is a guide—revised down to about 3,000—June will likely settle closer to ~3,200. That’s consistent with this year’s pattern: low-to-mid-3,000s at most, rather than the 4,000+ homes that felt “normal” pre-pandemic.

Months’ supply printed around 3.0 on the raw sheet, but both components (pendings and inventory) for the latest month tend to be off. After revisions, the host expects ~2.5–2.6 months of supply—solidly a seller’s market. In today’s Greenville area, it likely needs to climb past ~5 months before buyers would feel a true shift in leverage.

What does it mean if you’re buying

• Prepare for pace, not panic. With 39 DOM, good homes still move. Have financing squared away and be ready to act within days—not hours.

• Expect fewer choices. The new-listing pipeline likely peaked in March; selection won’t suddenly broaden late in the season.

• Watch pricing blocks. While Greenville home prices hit a new record high, negotiation is returning in select pockets—especially where the listing strategy missed the mark.

• Affordability is tough. Rate buydowns and closing-cost help are situational but worth exploring property-by-property.

What does it mean if you’re selling

• Leverage is real, but earned. Sub-3-month supply and 39 DOM are tailwinds—if the price and presentation match reality.

• The first two weeks matter. Even in a seller-skewed market, stale listings invite discount hunting.

• Seasonality still exists. With pendings easing after spring, aim for precision on pricing rather than “test-the-market” tactics.

Outlook: Stable demand, tight supply, modest appreciation

The market’s rhythm since late fall has been clear: demand stabilized after the 2022 rate shock; supply stayed constrained; and pricing recovered to a new median high. The host expects modest overall appreciation by year-end, with the possibility of a few mixed YoY months along the way, depending on last year’s comps. Unless a wave of foreclosures were to hit the market (there’s no indication of that in this episode), the defining feature remains scarcity.

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Bottom Line

The June report underscores a simple truth: price resilience is born from scarcity. Greenville home prices hit a new record high not because demand is raging, but because supply is thin, pthe ace has quickened, and the base of buyers that adapted to higher rates is still transacting. Pending sales remain below last year, closings stepped down gently, and affordability is strained. Yet with active inventory hovering near ~3,000 and months’ supply around ~2.5–2.6, the Upstate remains a seller-leaning market where well-priced homes find buyers—fast.

Ien Araneta

Journal & Podcast Editor | Selling Greenville