May 2025 Real Estate Market Insights: Prices, Trends & What’s Next?

Greenville’s May 2025 real estate market had a lot to say. On the surface, it looked like a strong month—new listings hit a record high, closed sales were up, and prices climbed. But when you dig a little deeper, there’s a shift happening that’s important to watch, especially if you’re planning to buy or sell in the coming months.

This isn’t the same market we saw last spring. Things are starting to balance out. Sellers are feeling more competition. Buyers are still out there, but they’re being choosier—and affordability is stretching more and more households.

Let’s unpack what actually happened in May 2025 and what it might mean for your next move.

May 2025 Market Insights: Prices, Trends & What’s Next?

What the Data Tells Us About the May 2025 Real Estate Market

Inventory Spiked—And It’s Still Climbing

One of the biggest headlines from May? We saw more new listings than ever before in Greater Greenville. A total of 2,683 homes hit the market, up nearly 19% from May 2024. That’s the third month in a row we’ve broken the record for new listings.

This isn’t just a seasonal trend. Yes, late spring and early summer are always busy, but this surge is bigger than usual. It’s giving buyers more to choose from—and pushing sellers to price more strategically if they want to stand out.

Pending Sales Slowed Down

Even with more homes coming online, pending sales dipped year over year. The raw data shows only 881 homes under contract in May, although that number will likely adjust closer to the high 1400s. Still, that’s short of the 1,578 pendings we saw last May.

This slowdown isn’t dramatic, but it’s enough to suggest that buyers are being more cautious. We saw a similar dip in April, and that trend seems to be sticking. Whether it’s higher mortgage rates, affordability concerns, or just buyer fatigue—demand is softening a bit.

Closed Sales Were Surprisingly Strong

Here’s a twist: closed sales actually went up—a solid 9% over last year. May clocked in with 1,763 homes sold, which is the second-highest monthly total Greenville has ever seen.

So even though fewer contracts are being written, the ones that are making it to the finish line are sticking better than they used to. That’s a sign of more serious buyers, better-aligned pricing, and maybe fewer surprises during inspections and appraisals.

Home Prices Are Still on the Rise

Median Price Jumped the Most in Over a Year

May’s median home price rose to $322,900, up 2.5% from last year. That might not sound dramatic, but it’s actually the biggest annual gain we’ve seen in over a year. It’s a clear sign that prices aren’t backing off—even with more inventory.

To put it in perspective: if we had stayed on our pre-pandemic price growth path, we’d be sitting somewhere around $280K. So while the pace has slowed, the growth is still very real.

Average Price Crossed the $400K Mark

The average home price hit $402,777, up 3.5% year over year. That’s partially due to more luxury sales—especially in the $750K–$1M range, where closings were up 16%. Even million-dollar homes saw a slight uptick.

These higher-end sales are pulling the average up, but they also reflect the continued demand for quality, location, and lifestyle in the Greenville area.

Inventory Growth Is Reshaping the Market

We’re Back to 2014–2015 Inventory Levels

After years of low inventory, we’re now seeing numbers we haven’t touched since before the big real estate boom. Over 6,100 homes were listed as active in May. That will likely be revised down to the mid-5000s, but it’s still a sharp jump from 4,187 in May 2024.

This doesn’t mean we’re flooded, but it does mean buyers have more leverage—and sellers can’t count on bidding wars like they did in 2021.

Months Supply of Inventory Nearing a Balanced Market

The months supply of inventory (how long it would take to sell all current listings at the current pace) is hovering around 3.8 to 4 months. If it pushes above 4.5 months, we’ll officially move into balanced market territory—maybe even tipping slightly in favor of buyers.

That’s a big deal, considering we’ve been in a seller’s market for nearly a decade.

Affordability Is Still the Elephant in the Room

The Housing Affordability Index dropped to 93 in May. A score of 100 means the average household has exactly enough income to afford the median-priced home. So at 93, affordability is still tight—and that’s not surprising, given where interest rates and home prices are.

This challenge isn’t going away quickly. Until rates fall significantly (or wages catch up), affordability will remain a pressure point, especially for first-time buyers and younger households.

What This Means for You

• If you're selling: There are still plenty of buyers, but they’re no longer desperate. Price right, prep your home well, and work with someone who knows how to market in this evolving landscape.

• If you're buying: You’ve got more options now—but don’t expect prices to fall off a cliff. Be ready to act quickly when the right home shows up, and have your financing dialed in.

• If you're investing: The high-end market is holding strong. Mid-range homes are still moving. But as inventory builds, watch how pricing behaves in your target neighborhoods.

If you want to hear all of Stan’s insights firsthand—including the nuances, context, and expert takes that didn’t make it into this summary—be sure to listen to the full episode of Selling Greenville. He dives deeper into what’s driving these market shifts and what they could mean for you as a buyer, seller, or investor. It’s well worth a listen if you want to stay ahead of the curve.

Final Thoughts

May 2025 brought a mix of energy and caution to the Greenville housing market. Inventory is growing, prices are edging higher, and sales are still moving—but with a little more intentionality on both sides of the table.

This isn’t a market that’s crashing. It’s one that’s finding a new rhythm. For some, that means more opportunity. For others, it’s a call to be more strategic.

And that’s what this season demands: clarity, good data, and a grounded plan. Whether you're buying your first home, selling a longtime property, or investing for the future—now's the time to tune in, not check out.

The Bottom Line

Greenville’s market is shifting—but it’s not slowing down. Sellers have more competition. Buyers have more breathing room. And pricing? It’s still inching up. If you're thinking about making a move this year, keep a close eye on the numbers—and don’t wait too long to act when the right opportunity shows up.

Follow @StanMcCune for more data-driven insights, market trends, and expert strategies in real estate. Whether you're buying, selling, or investing, Stan McCune breaks down complex real estate topics into practical advice you can use to make smarter decisions in the Greenville market and beyond.

Ien Araneta

Journal & Podcast Editor | Selling Greenville