Prices Set New Records Even as the Real Estate Market Softens

Greenville’s housing market continues to be the land of surprises, where headlines shout “record-breaking prices” one moment and “cooling trends” the next (kind of like hearing your weather app say “sunny with a chance of hurricanes”).

At first glance, it might sound contradictory (like bragging about a diet while holding a donut), but both can be true. The data tells a more nuanced story, one where supply and demand are pushing and pulling in fascinating ways.

The latest market stats from the Greater Greenville Association of Realtors paint that picture clearly: prices are high, sales are slowing, and the word “balance” is making a quiet comeback.

Greenville Prices Set New Records

The focus keyword, Greenville Prices Set New Records, captures exactly what’s happening: a housing market breaking price ceilings in some neighborhoods while catching its breath in others. It’s not the chaotic frenzy of 2021, but it’s far from a collapse.

Even as the broader market softens, Greenville prices set new records this summer, showing just how resilient (and unpredictable) the Upstate’s real estate rhythm can be.

Listings Surge Past 2,000 Again

Let’s start with what’s fueling the change: supply.

For the fourth straight month in 2024, Greenville saw more than 2,000 new listings, a feat that’s only happened a handful of times since 2007. To put it simply, the shelves are finally getting stocked again.

So, what’s behind this listing boom? Many homeowners who’d been “locked in” with ultra-low pandemic interest rates are finally saying, “Alright, it’s time.” Whether it’s job changes, growing families, or the “we’re bursting at the seams” moment, people are realizing life doesn’t wait for mortgage rates to drop.

And while new construction adds some inventory, the biggest factor seems to be timing. People can only postpone moves for so long before reality, or a toddler’s toys taking over the living room, wins. (Let’s call it the “tripping-over-Legos effect.”)

Pending Sales Reveal a Softer Demand

While listings are soaring, pending sales tell a quieter story.

June’s numbers were slightly higher year-over-year, but only by a sliver. When compared to pre-pandemic 2019, demand actually slipped a bit, a subtle sign of cooling.

It’s not that buyers disappeared; they’re just more cautious. High mortgage rates have turned many from impulsive bidders into deliberate decision-makers. Add an election year to the mix, and hesitation naturally creeps in.

When demand lags behind rising supply, the market softens, and that’s exactly what Greenville’s seeing. Deals are still happening, just with more patience and fewer bidding wars (and probably fewer emotional breakdowns over losing “the one”).

Closed Sales Show the Shift in Real Time

June’s closed sales dropped about 3 percent compared to last year, the second consecutive month showing a decline.

Behind that number? A rise in contracts falling through. Some buyers are walking away mid-deal, and sellers are feeling the whiplash.

During the pandemic boom, almost every home that went under contract actually closed. Buyers fought tooth and nail just to get accepted offers, so walking away wasn’t an option. Now, with more inventory and less urgency, deals fall apart more easily, whether due to inspection issues, financing hiccups, or plain old cold feet. (Buying a house can feel like getting married; sometimes, you realize at the altar you’re not ready.)

Prices Hit New Highs, But Flatten Out

Here’s where the paradox kicks in: while the market cools, prices still climb.

June 2024’s median home price rose about 3 percent from last year, hovering around $320,900, basically flat but still high. It’s a clear sign that Greenville’s market isn’t collapsing; it’s stabilizing.

Meanwhile, the average sales price broke records, soaring past $425,000, the first time in history it has crossed the $400K line. That number’s boosted by luxury properties and new builds, but it underscores that Greenville continues to attract buyers willing to invest.

Put simply, prices have plateaued, but at their highest peak ever. It’s the market’s version of a runner catching their breath mid-race: not stopping, just pacing.

Homes Are Still Selling Fast, Just Not Frenzied

On average, homes are taking 40 days to go under contract, about one day longer than last year.

That’s hardly a slowdown, but it’s enough to feel different for sellers used to multiple offers in the first weekend. The rush has turned into a stroll.

And while that might sound discouraging, a 40-day window is still faster than pre-pandemic norms. Sellers just need to adjust expectations, and maybe stock up on extra coffee for the extra showings.

Sellers Are Getting Slightly Less of Their Asking Price

One of the more revealing stats: sellers received 98.7 percent of their list price in June, down about 4 percent from last year.

That might not sound dramatic, but it reflects a small power shift back toward buyers. Concessions, price cuts, and negotiation wiggle room are back on the table.

For perspective, if a seller lists at $400,000, they’re averaging around $394,800 in actual sale price. Add in buyer incentives like rate buy-downs or closing cost help, and that gap grows.

Still, compared to national averages, Greenville’s sellers are holding strong. They’re just not holding all the cards anymore. (Think of it as going from a royal flush to a solid pair of aces.)

Affordability Improves, Slightly

For buyers, there’s a sliver of good news. The Housing Affordability Index ticked up from 91 to 94, meaning homes are marginally more attainable than they were a year ago.

That bump reflects small gains in income, slightly steadier mortgage rates, and price flattening.

No one’s calling it “affordable housing” just yet, but it’s progress, baby steps in a market where every inch matters.

Inventory Climbs to Four-Year Highs

If there’s one number that defines Greenville’s mid-2024 market, it’s inventory.

For the first time since early 2020, the area saw over 4,000 active listings, a staggering 41.6 percent increase year-over-year. That means buyers finally have options again, and sellers have real competition.

This return to pre-pandemic supply levels is reshaping everything. Gone are the days of throwing up a “For Sale” sign and waiting for offers to pour in overnight. Now, presentation, pricing, and patience matter again.

Greenville’s market hasn’t “crashed.” It’s just matured, moving from impulse-driven chaos to data-driven calm. (Kind of like trading your first sports car for a reliable SUV.)

A Market Finding Its Balance

When supply rises and demand cools, a market starts finding its equilibrium.

For buyers, that means leverage. For sellers, it means strategy. For agents, it means explaining a lot.

This is Greenville’s version of a reset, and it’s long overdue. Homes are still selling, values remain solid, and affordability is nudging in the right direction. The record-high prices might grab headlines, but the real story is the quiet return to normal.

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Bottom Line

The Greenville housing market is still strong, just not in overdrive. Prices may have set new records, but momentum is shifting toward balance.

More listings mean more choices. Softer demand means smarter deals.

Call it a slowdown, call it a reset; either way, Greenville’s real estate scene is finally taking a deep breath. And honestly, that’s a good thing. (After the chaos of the last few years, who couldn’t use one?)

Ien Araneta

Journal & Podcast Editor | Selling Greenville