Why the Greenville-Spartanburg Real Estate Market Feels Like a Clogged Toilet
- Ien Araneta
- Jul 30
- 3 min read
If you’ve been asking “so… what’s the market doing?”, here’s the honest vibe check from this week’s Selling Greenville episode with host Stan McCune: things are swirling, slowly, and not going down. Think clogged toilet—lots of motion, not much progress—until someone shows up with a plunger (lower rates).
Rates Are The Story in the Greenville-Spartanburg Real Estate Market—Again
For a fifth straight year, mortgage rates are running the narrative.
2020–early 2022: ultra-low rates + pandemic chaos = buyer mania.
2022–2023: rising rates became the story.
Since 2024: mostly high 6s–low 7s, with one brief dip around the election. Stability sounds nice… until you remember those numbers are 2–3× higher than a few years ago.
Greenville/Spartanburg real estate market thrives on affordability. People will pay eye-watering money to live in NYC. They won’t pay that here. With the Housing Affordability Index mostly under 100, elevated rates are a wet blanket—and there’s no guarantee they fall this year (or next). If/when they do, expect a rush of sidelined buyers that could swing us right back to a seller’s market.
Not a Buyer’s Market. Not a Seller’s Market. It’s a Nobody Market.
Prices are still inching up here—one reason, per Stan: we aren’t building as aggressively as many metros that are now seeing price declines (he cites an interesting data point: roughly 50% of U.S. cities are becoming more affordable as new construction ramps). Greenville-Spartanburg’s appreciation is modest, but it’s still appreciation.
At the same time, the market feels soft:
Buyers think nothing’s affordable.
Sellers think their place should fetch more.
A surprising number of recent sellers (especially those who bought new in the last 2–3 years) are listing for less than they paid—taking lumps without defaulting, thanks to down payments/equity.
Despite the gripes, foreclosures remain very low here (and generally). Being “under water” on price isn’t the same as being upside-down on your loan.
“There’s Inventory”… But It Doesn’t Feel Like Options
Stan pulled live MLS snapshots:
5,433 active residential listings
2,119 are new construction (≈ 39%)
About 28% of actives are rural; of those rural listings, ~41.7% are new construction
Median active list price: $349,900
Translation: a huge chunk of what’s “available” is look-alike production new builds (many on similar lots), and a meaningful slice sits in rural pockets. If you want urban/suburban and character, the list shrinks fast—hence the “not enough choices” feeling even with 5K+ listings.
Who’s actually buying right now?
First-time buyers (rates matter less than getting in).
Relocators who have to move.
Cash buyers.Investors? Most can’t make the math pencil at today’s borrowing costs.
Sellers Are Pricing Better—But Terms Haven’t Caught Up
The good news: sellers are finally pricing to today’s comps. The catch: many still expect ultra seller-friendly terms. Reality check—this isn’t 2021. Buyers want inspections, financing, and appraisal safety valves. Expect more counters that protect the buyer.
The Home Sale Contingency Fight Is Real
Not all contingencies are created equal:
Not listed = weak
Listed, not under contract = better
Under contract = strong
Through contingencies = strongest
Stan shared a fresh example: a strong home-sale contingency met a hard-line seller. The buyer walked. Weeks later, that same seller cut below what the buyer would’ve paid—and the buyer’s home has since sold. Moral: getting cute with contingencies can cost you real money in this market.
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Bottom Line
Greenville-Spartanburg feels jammed: prices edging up, choices that don’t feel like choices, buyers waiting, sellers recalibrating, and rates holding everything in place. The plunger is lower mortgage rates. Until then, success = realistic pricing, realistic terms, and working with someone (hi, Stan) who actually reads the tea leaves, not the headlines.
Ien Araneta
Journal & Podcast Editor | Selling Greenville
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