Prices Go Up, But Mortgage Rates Go Down in a Seller/Buyer Win-Win

Greenville’s 2024 housing market might be the real estate version of having your cake and eating it, too. Prices are inching upward, mortgage rates are trending down, and somehow both buyers and sellers are managing to celebrate at the same time. (When’s the last time that happened?) The balance feels fragile but hopeful — a rare stretch where timing, data, and confidence all seem to align for everyone involved.

Greenville Real Estate: A Win-Win Market

Greenville’s real estate scene in 2024 is starting to feel like a magic trick: prices are climbing, rates are dipping, and somehow both buyers and sellers are walking away smiling. (It’s like watching a tug-of-war where both sides are cheering.)

For months, local market watchers kept asking the same question — could Greenville pull off the impossible? Could it be both a seller’s and a buyer’s market at the same time? The newest data from the Greater Greenville Association of Realtors (GGAR) finally offers an answer, and it’s a surprising one: yes, it can.

More Listings, More Movement

After nearly two years of low inventory, new listings surged by 18.2 percent, marking the tenth straight month of year-over-year growth. Homeowners who had been sitting on the sidelines (likely clutching their 3-percent mortgages like family heirlooms) finally decided to jump in.

July 2024 recorded more than 2,000 new listings — the fifth consecutive month to cross that mark, an all-time record. The market hasn’t seen this much fresh inventory since 2022. The takeaway? Sellers are ready to move again, and that’s creating space for buyers who’ve been waiting for options.

Buyers Are Back in the Game

Pending sales are rising right along with listings, showing that buyers aren’t scared off by slightly higher prices. July 2024 saw nearly 1,400 pending sales, a notable jump from 1,284 the year before.

What’s driving the rebound? Simply put: better mortgage rates. When the cost of borrowing dips, so does buyer hesitation. And while 6-point-something might not sound dreamy, it’s a relief compared with the near-7-percent peaks of 2023. (It’s like getting a parking ticket reduced from $200 to $75 — still painful, but manageable.)

Closings Catch Up

More contracts naturally mean more closings. Greenville clocked 1,563 closed sales in July — up 18.3 percent year-over-year, the strongest growth since 2021. Families rushed to close before summer ended, investors jumped back in, and agents across town scrambled to schedule back-to-back inspections before the school year started.

After months of mixed signals, the message was clear: the market has found its rhythm again.

Homes Are Moving Faster (But Not Too Fast)

Average days on market dropped slightly to 40, compared with 38 last year. That two-day difference might sound minor, but it’s meaningful when viewed alongside stronger inventory.

Buyers are acting decisively — no more weekend-long deliberations while a favorite home slips away. Sellers, meanwhile, are more willing to accept strong first offers rather than hold out for unicorns. (Apparently, unicorn buyers are busy looking in Charlotte.)

This quick-but-steady tempo keeps the market balanced: not the bidding frenzy of 2021, but not the stagnation of 2023 either.

Prices Hit a New Record

The median sales price in July 2024 reached a new record: $325,000. That’s up 1.6 percent from the previous year and slightly above the October 2023 peak of $324,900.

The average price rose even higher — $398,000 — a 4.1 percent gain. Luxury properties are quietly reshaping Greenville’s averages, as more buyers seek larger footprints and higher-end finishes. (Apparently, “open concept” now includes space for the golf simulator.)

While prices are inching upward, the combination of improving mortgage rates and increased inventory is helping cushion affordability.

Seller Concessions Shake Things Up

With the NAR settlement changing how buyer-agent commissions are handled, more sellers are offering concessions to cover those costs. In practice, that means a few contracts show sales prices slightly above list — but with credits built in.

Expect this metric to rise. Currently, sellers receive an average of 98.5 percent of their list price, down modestly from last year’s 99-plus percent. As more sellers wrap concessions into deals, that number could nudge upward again — on paper at least.

(Think of it as adding sprinkles to the donut: same treat, just looks a little different.)

Affordability Slowly Improves

Greenville’s Housing Affordability Index rose for the second straight month to 93. That’s still shy of the 100 benchmark — where the median household can afford the median home — but it’s trending in the right direction.

Lower mortgage rates are the hero here. They’re making monthly payments more approachable, giving more buyers permission to re-enter the conversation they paused months ago.

Sellers benefit too; when buyers can afford more, homes move faster and closer to the asking price. In short, everyone wins.

Inventory: Up but Still Healthy

Active listings rose roughly 40 percent year-over-year, landing around 4,400 homes. That might sound like a flood, but context matters. Even with the increase, Greenville still sits below national averages for supply.

The months of inventory — a key indicator of market balance — settled around 3.3 months after adjustments. That keeps Greenville comfortably in “soft seller’s market” territory.

Translation: Sellers retain an edge, but buyers finally have room to breathe. (For the first time in years, agents can actually schedule a second showing before the house disappears.)

Rates Bring the Real Relief

If one chart explains Greenville’s late-summer surge, it’s mortgage rates. The average 30-year fixed rate hit 6.37 percent, its lowest point since early 2023. For context, that’s a big deal — especially when even a half-percent drop can mean hundreds of dollars in monthly savings.

And the Federal Reserve isn’t done. Officials have signaled that the first rate cuts could land as soon as September. The debate now is whether they’ll shave 0.25 percent or go bolder with 0.5. Either way, the market has already priced in the optimism.

Lower rates could lure more buyers back into the hunt — though once demand spikes, prices likely will too. (It’s the classic “hurry before everyone else realizes it’s a good time” paradox.)

What It Means for Buyers and Sellers

For buyers, this is a rare sweet spot: prices are stable, inventory is healthy, and rates are easing. Waiting too long could mean competing again once rates dip further.

For sellers, listings are still moving briskly. Proper pricing, presentation, and patience continue to matter — but so does understanding that today’s buyers are more rate-sensitive than ever.

Greenville isn’t in a bubble or a freeze. It’s something rarer — a balanced, data-backed win-win moment.

(Just don’t expect it to last forever; real estate seasons change faster than Carolina weather.)

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Bottom Line

The Greenville market in 2024 proves that real estate doesn’t have to pick sides. Prices can rise while rates fall, giving both buyers and sellers a reason to celebrate.

It’s not a perfect market — but it’s a functional, fair one — and in real estate, that’s about as close to a miracle as it gets. (Cue the confetti cannons, responsibly, of course.)

Ien Araneta

Journal & Podcast Editor | Selling Greenville