It Happened: Greenville Real Estate Prices Went Down in May

For the first time in years, Greenville’s housing market saw a dip—a real one. After months of tight inventory, high mortgage rates, and jittery buyers trying to read the tea leaves, the May data finally confirmed what agents across the Upstate have been whispering: prices actually went down. Not by much, but enough to mark a shift worth paying attention to.

Greenville Real Estate Prices Went Down

The long-tail keyword for this piece is "Greenville real estate prices went down"—because that’s exactly what happened in May 2023. According to the Greater Greenville Association of REALTORS®, the median home price fell 0.6% year-over-year, dropping from $316,832 in May 2022 to $315,000 in May 2023 (not a cliff dive—more like a cautious toe dip 🦶💧) (wallets sighed, but only a little).

That’s a small difference—around $1,500, but it’s significant because it breaks a years-long streak of constant growth. Greenville hasn’t seen a year-over-year price decline since before the pandemic. For buyers, it’s a breath of fresh air (and maybe a glimmer of hope). For sellers, it’s a reminder that pricing strategy matters again.

What Caused Prices to Dip?

The short answer: a perfect storm of timing, psychology, and economics.

Mortgage rates have been hovering near 7%, which makes buyers pause and budgets shrink. When rates climb that high, monthly payments balloon—and suddenly, homes that once felt affordable are out of reach.

At the same time, the Federal Reserve’s mixed messaging added confusion. The Fed paused rate hikes in June but signaled it might resume them later, keeping the mortgage market uneasy. Even though the Fed’s decisions don’t directly set mortgage rates, they heavily influence them—and the uncertainty alone can chill buyer activity.

Add in a seasonal slowdown after the spring rush, and you’ve got fewer offers, longer days on market, and—eventually—slight price softening.

A Closer Look at the Numbers

• Median Sales Price: Down 0.6% year-over-year to $315,000.

• Average Sales Price: Up 3.4%, driven by more luxury sales.

• Days on Market: Averaged 44 days, up 120% year-over-year.

• Percent of List Price Received: 98.9% (down from last year’s record of 101.7%).

• Inventory: Up 87.5% year-over-year, nearing 3,600 homes.

• Housing Affordability Index: Down to 87—the lowest on record.

  
  

Despite the small price drop, the broader picture still tilts toward seller advantage. Inventory remains under three months, far from the 4–6 months considered a balanced market. That means buyers still face competition—just not the fever-pitch bidding wars of 2021 and 2022.

The Market’s “New Normal”

The host described it perfectly: this is a new kind of housing recession. It doesn’t look like 2008. Prices aren’t crashing, but sales volume has plunged. Pending sales were down more than 8% year-over-year in April, and early May numbers looked weaker still.

What’s happening instead is a slow reset:

• Fewer buyers can afford today’s rates.

• More sellers are staying put, unwilling to trade low mortgages for higher ones.

• And yet, demand still outpaces supply.

  
  

Greenville’s market, even in a “slowdown,” remains stronger than in pre-pandemic years like 2017 or 2018. Back then, closed sales were lower, and inventory was higher. So, while it feels like a correction, it’s really a recalibration.

Why Buyers Shouldn’t Panic

For buyers, this dip is more of an opportunity than a warning sign. Prices have plateaued, inventory is up, and sellers are more flexible. Many homes are still getting close to 99% of the list price, but buyers can negotiate again—something unthinkable during the frenzy of 2021.

The Fed’s decision to “pause” rate hikes might not immediately drop mortgage rates, but it shows that inflation is cooling. If the data continues to trend that way, rates could ease later in the year.

For now, patience pays. Properties sitting longer on the market are likely to accept reasonable offers—and in this kind of environment, that’s where smart buyers win.

Why Sellers Should Stay Calm

If you’re selling, the keyword is perspective. Prices didn’t collapse—they softened. Greenville’s median price is still roughly $35,000 higher than early 2022, and homes are still moving.

The dip likely came from two forces:

1. Panic selling by homeowners worried about rates or an impending “crash.”

2. Overpricing, followed by price cuts to attract attention.

   
   

Both drag the median down temporarily. But with inventory still low and demand steady, the market remains fundamentally strong. Most sellers who price competitively still receive offers within a few weeks.

What Comes Next?

Historically, year-over-year dips happen occasionally—and they’re often short-lived. In Greenville’s case, past declines (like in 2013, 2014, and 2020) were small and quickly reversed.

Expect a few more months of flat or slightly negative readings as the market compares against last year’s record highs. But as the second half of 2023 unfolds, those comparisons will start to favor growth again.

If prices hold near $300,000–$315,000 through fall, Greenville could finish the year up slightly overall—a sign of stabilization, not freefall.

What About Inventory and Affordability?

Inventory has nearly doubled year-over-year, but it’s still below pre-pandemic levels. Demand, even cooled, is higher than it was in 2017–2018. That’s why prices aren’t falling sharply: there simply aren’t enough homes.

The Housing Affordability Index—now at 87—shows the strain buyers face. A score of 100 means the median household can afford the median home. Anything lower means affordability is slipping, mostly due to mortgage rates. Until those rates drop closer to 5%, affordability will remain Greenville’s toughest challenge.

What Buyers and Sellers Should Expect This Summer

• Buyers: Expect steadier prices, longer days on market, and opportunities for negotiation—especially on homes lingering past 30 days.

• Sellers: Expect a slower pace. Price realistically from the start, and don’t panic if offers take longer. The market is still moving—it’s just back to normal speed.

• Everyone: Watch mortgage rates. A drop into the mid-6s could quickly reheat demand.

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

Yes, Greenville real estate prices went down—by a hair. But that hairline dip doesn’t mean the sky is falling. It marks a market finding its balance after years of chaos. Inventory is rising, sellers are adjusting, and buyers are (finally) catching a breath.

This is Greenville’s “new normal”: slower, steadier, and still solid. For those willing to play the long game, that’s not a warning—it’s an opening.

Ien Araneta

Journal & Podcast Editor | Selling Greenville