Price Reductions Are Happening En Masse

In a shifting market, anecdotes aren’t enough—buyers and sellers want the math. In this episode of Selling Greenville, the host digs into hard MLS data to answer a simple question with big consequences: how many listings in the Greater Greenville area are actually cutting price, and how does that compare to normal times? The findings are unambiguous: price reductions are back in force, and they’re reshaping strategy for everyone from first-time buyers to builders.

Greenville Price Reductions En Masse

Price Reductions En Masse: To get past monthly headline stats and into the dynamics on the ground, the analysis zeroed in on price reductions—something not spelled out in the Greater Greenville Association of REALTORS® (GGAR) reports. Using the MLS, the host pulled single-family sales across multiple time frames, comparing the original list price to the most recent list price to determine whether a reduction occurred. Then, to capture the current temperature, he checked how many active and under-contract listings have already had their prices cut.

Here’s the punchline: in today’s Greenville market, roughly two out of five active/under-contract listings have taken a price cut—and momentum suggests that could drift toward one out of two as more homes sit and adjust.

The Numbers: From “Frenzy” to “Reality”

Method: Single-family homes in the Greenville MLS. Periods were selected to show pre-pandemic “normal,” the peak frenzy, and the recent slowdown. (Obvious data-entry typos—like stray extra zeros—weren’t scrubbed, but noise should be evenly distributed across periods.)

Pre-pandemic baseline (2019)

• Listings with a price reduction: 32%. Translation: In a typical year before the frenzy, about one in three homes reduced price at some point.

First hot stretch (Nov 2020–Apr 2021)

• Price reductions: 20.8%. The market tightened; only about one in five needed a cut.

Peak frenzy (May–Oct 2021)

• Price reductions: 12.86%. This was the low-water mark—barely one in eight listings cut price as buyers swarmed limited inventory.

Still hot, but cooling (Nov 2021–Apr 2022)

• Price reductions: 15.64%. A nudge upward, but still far below normal.

The turn (May–Oct 2022 sales)

• Price reductions: 19.88%. Back near one in five among properties that actually closed.

What’s on the market right now

• Active + under contract (snapshot): 4,629 listings pulled in the check

• Share with a reduction: 42.71%. That’s nearly 43% with price cuts already—and rising. Given the volume still active, the expectation is that this could approach ~50% when today’s actives eventually close.

Takeaway: Greenville has snapped back from the “list high and let the market catch up” era. The current environment looks far more like 2019—and in some pockets, even more price-sensitive.

Why So Many Price Reductions?

1) The overpricing hangover

For two years, sellers could overshoot value and still get traction. In months when values were climbing 2–4% per month, time could bail out an ambitious list price. That cushion is gone. With more choices on the market, buyers are skipping overpriced homes rather than stretching.

2) Different list-to-sale dynamics

Greenville is seeing fewer offers over list and more contracts below list than during the frenzy. Even the common “percent of list price received” stat is misleading here—it looks only at the most recent list price, not the original. In other words, reductions aren’t fully visible in headline stats, but they’re driving outcomes.

3) Fixer-uppers aren’t floating anymore

During the crunch, move-in-ready buyers were forced to chase properties needing cosmetic love—old carpet, dated kitchens, rough flooring—and still face competition. Now, with more selection, those homes are sitting unless they’re priced for investors or offer something uniquely compelling.

4) iBuyers are struggling

Large investment companies that bought off-market, did surface-level refreshes, and relisted are encountering multiple price cuts, longer days on market, and tougher negotiations. Many aren’t offering standard buyer-agent commissions, and a significant share of their contracts can be thorny. In some cases, their own list prices appear to place them underwater relative to acquisition and light rehab costs.

5) New construction is negotiating again

Builders are adjusting through incentives (closing costs, upgrades) more than big headline price drops, to protect comps in their communities. Buyer-agent commissions from major builders have also climbed compared to a few months ago. Net effect: more ways for buyers to make the numbers work without cratering neighborhood values.

Strategy Shifts for Buyers

• Target “aged” listings. Homes that have sat for weeks now signal negotiation potential—on price, closing costs, and terms.

• Expect friendlier due diligence economics. Due diligence termination fees (what buyers pay if they walk during inspections) have come down from peak-seller-market norms. If termination fees drift toward zero, that’s a hallmark of a true buyer-leaning market.

• Leverage builder incentives. In new communities, expect more flexibility—design center credits, rate buydowns, and closing-cost help—while builders try to preserve final sales prices.

• Don’t chase the bottom. Timing the market remains risky. The smarter play is to find a home you actually like at a number you can afford—then use today’s expanded room for concessions.

Guidance for Sellers

• Do not overprice. This cannot be overstated. Overpricing in this season turns into stagnation, then reductions, then below-list offers—a triple hit that often nets less than a sharp, realistic day-one price.

• Respect seasonality. The slowest stretch of the calendar is here; seasonal softening stacks on top of the broader market shift.

• Expect more scrutiny on the condition. The days of retail buyers paying near-retail for homes needing obvious cosmetic work are over. If the home needs updates and you don’t plan to do them, price it accordingly—or be prepared to wait.

• Know your comp story. With roughly 4,600+ active/under-contract listings in the recent check and ~43% already reduced, buyers will be comparing your price to a deep shelf of alternatives.

What’s Likely Next?

• More reductions before closings catch up. Because many active listings haven’t adjusted yet, the share with reductions should climb as inventory ages.

• A rise in contingencies. Expect more home-sale contingencies to reappear—the kind that were rare during the surge.

• Quietly improving buyer terms. Even without giant headline price cuts, look for quieter gains on the buyer side: longer inspection windows, seller-paid costs, and more flexible timelines.

“Greenville price reductions en masse” in context

None of this suggests a dead market. Demand in the Upstate is still real—just different. The key shift is psychology: buyers have options, and sellers no longer hold all the cards. That puts a premium on accurate pricing, clean presentation, and savvy negotiations. It also rewards patient buyers who prioritize value over velocity.

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Bottom Line

The data paints a clear picture: Greenville has transitioned from a market where overpricing could be forgiven to one where price discipline wins. Pre-pandemic norms—about a third of homes reducing—have given way to something even firmer: about 43% of active/under-contract listings already cut price, with the share likely to rise toward ~50% as the season plays out. For sellers, that means launching at the right number or risking chasing the market down. For buyers, it’s time to negotiate with intention—especially on homes that have lingered or on new construction where incentives are back in play.

Ien Araneta

Journal & Podcast Editor | Selling Greenville