Summer Real Estate Vibes

Greenville’s summer real estate season is here—well, sort of. Between rain showers, hail alerts, and that unpredictable stretch of May weather that made locals double-check their thermostats, the housing market seems to be mirroring the climate: active but unsettled. In this episode of Selling Greenville, Stan McCune shares a grounded look at what’s happening as the Upstate slides into summer mode—complete with higher mortgage rates, shifting buyer energy, and a reminder that market “slowdowns” aren’t always what they seem.

Reading Summer Real Estate Vibes

The summer real estate vibes in Greenville carry a mixed rhythm this year. Normally, Memorial Day ushers in the high season of open houses, moving trucks, and fast-paced negotiations. But this time, things feel a little… muted. Mortgage rates have once again crested above 7%—a psychological (and financial) speed bump that’s made buyers pause, sellers rethink, and agents get creative.

Stan describes how this spring’s so-called debt ceiling crisis sent ripple effects through the housing scene, pushing rates upward and cooling what had been a busy early season. (Think of it like rain on the first pool day of summer—unexpected, inconvenient, but not permanent.)

Some buyers have even hit “pause” altogether, choosing to wait out the uncertainty before making big moves. Still, the question looms: is 7% the new normal—or just a summer fling?

A Cooler Forecast: Rates and Reactions

While nobody can predict the exact direction of mortgage rates, Stan’s on-the-ground view offers perspective. After cresting above 7% for the third (or fourth) time this year, the general sentiment seems to be that rates might dip again once the political dust settles. But even a minor drop—to the high sixes, for instance—could reopen doors for sidelined buyers.

Of course, the Federal Reserve complicates the picture. Hints of another rate hike this June or July have added to the uncertainty (because apparently, the Fed loves to keep everyone on their toes). But even if another small increase comes, Stan suggests that mortgage rates may already be “priced in.” In other words, the market’s bracing—but not panicking.

Signs from the Ground

Despite all the macro noise, real estate always tells its story locally. In Greenville, the data still shows resilience.

• The median sales price for April sat at $302,500, a 1.5% rise year-over-year.

• Inventory climbed to 3,601 active listings, the highest since 2020—a 125% increase from last year.

• The percent of list price received edged up to 98.7%, meaning sellers are still in strong positions, even with fewer bidding wars.

  
  

So while activity has slowed, it hasn’t stalled. Buyers remain selective but serious, and well-priced homes continue to move—just not at the lightning speed of 2021–2022.

(Think of it less as “market crash” and more as “market yoga”—a stretch toward balance that the Upstate arguably needed.)

Are Prices Finally Softening?

Here’s where things get interesting. For the first time in a while, Stan believes we might see small year-over-year declines in median home prices during late spring or early summer. Nothing dramatic—no 2008 déjà vu—just a few dips that bring the charts closer to “normal.”

Historically, even in strong markets, Greenville sees some months with slightly negative price growth. It’s just that the last few years have been such a roller coaster of appreciation that any slowdown feels foreign.

A potential 1–3% cooling, Stan notes, is no cause for alarm. (It’s like your ice cream melting a little—still sweet, just less frantic.)

Local vs. National: Why Greenville Marches to Its Own Beat

National headlines often paint a gloomier picture than what’s true for the Upstate. While large metro areas struggle with steep affordability challenges or overbuilt inventory, Greenville’s story is steadier.

Stan reminds listeners that Greenville’s highs aren’t as dizzying, and its lows aren’t as deep. The region benefits from consistent migration, a diverse job base, and relative affordability compared to coastal or major urban markets.

So yes, headlines may scream “Price Drops Nationwide! ” but Greenville tends to hum a different tune—a steady one.

The Reality of a “Normal” Market

As activity cools, some might feel uneasy. But in truth, what we’re seeing looks more like a return to normal real estate seasonality—the natural ebb and flow that existed long before the pandemic frenzy.

Rates above 7% are uncomfortable, sure, but they also reset expectations. Sellers must price wisely, buyers must budget strategically, and both sides must get creative. Incentives, repairs, or rate buy-downs are back in the toolkit.

For seasoned agents, this is familiar terrain. For newer ones, it’s a valuable education in how real estate actually works when not turbocharged by record-low rates.

(Or as Stan might joke: it’s like remembering how to ride a bike… uphill, with slightly flatter tires.)

The FED, Inflation, and Job Jitters

Beyond Greenville, the national story remains one of tension. The Fed’s balancing act—taming inflation without crushing employment—continues to define economic sentiment. Data showing strong job growth and rising wages (normally good news) now sparks concern that inflation might stay too “hot.”

This strange economic paradox has left many watching for a potential “job-loss recession,” a deliberate cooling of the economy meant to bring prices under control. (Because apparently, the new definition of good news is “bad news, but in moderation.”)

Still, even amid uncertainty, housing in the Upstate remains one of the most reliable investments. People still move, still buy, and still sell—and Greenville continues to attract those seeking affordability, charm, and stability.

A Personal Note

After a whirlwind trip through California’s national parks, Stan reflected on what makes Greenville special. While the Golden State may boast jaw-dropping landscapes, the Upstate offers something rarer: balance. Manageable prices, thriving communities, and enough growth to keep opportunity alive.

That same spirit shows in the housing market—resilient, adaptable, and quietly strong, even when rates and weather both act up.

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Bottom Line

Summer 2023’s real estate mood is less about fireworks and more about fundamentals. Mortgage rates above 7% are testing patience, but they’re also clearing the noise—revealing what true demand looks like.

Greenville remains a market defined by consistency and cautious optimism. Price growth has slowed, inventory has climbed, and buyers have become more deliberate. But as history shows, moderation is often the healthiest trend of all.

So even as things cool, don’t mistake calm for weakness. The Upstate housing scene still holds plenty of heat—just the sustainable kind.

Ien Araneta

Journal & Podcast Editor | Selling Greenville