Once people find out I’m a real estate agent, one of their first questions is “is this a good time to sell my house?”
As a businessperson, my knee-jerk response is, “Of course it is a good time to sell your house, let’s set a time to talk about it!”
But is it, really?
The short answer is: it is a good time to sell your house if it meets your personal and financial goals. If it doesn’t make sense to sell, don’t sell.
Market and Consumer Sentiment
The long answer is: we really need to look at the market and consumer opinion. Just like any other product, you can’t sell real estate without a willing buyer. Each month, Fannie Mae publishes the National Housing Survey and the Home Purchase Sentiment Index. The Home Purchase Sentiment Index provides signals on future housing outcomes by gauging consumer attitudes towards home-buying conditions.
In May 2024, the HPSI reached an all time low of 69.4, with only 14% of consumers believing it’s a good time to buy a home, down from 20% in April of 2024 and 19% in May of 2023. If you have a home to sell, those are some scary numbers! I wouldn’t be surprised if you started to second guess your decisions.
The Upstate South Carolina Market
Fortunately, the housing market in our area is still going strong. In Spartanburg County, property sales remained steady: 558 listings sold in May 2024, compared to 484 in April 2024 and 561 in May 2023. Even going back five years (May 2019) shows similar numbers (583). Additionally, the median sales price has soared! In May 2024, it reached $289,900, a significant increase from $190,000 in May 2019.
Why are homes selling despite buyer sentiment?
Spartanburg County’s robust economic and population growth are likely driving factors. OneSpartanburg Inc. has attracted $6 billion in capital investment over the past decade, creating nearly 15,000 new jobs. This job growth necessitates a growing workforce. Spartanburg County’s population reflects this, increasing by 8.8% from April 2020 to July 2023 (US Census Bureau data), compared to South Carolina’s overall growth of 5.0% during the same period.
So, is it a good time to sell?
Now that I’ve bored you with all of these numbers, let’s get back to the real question: Is it a good time to sell your home in Spartanburg County? In my opinion, it’s a great time if it aligns with your personal and financial goals. The data shows that we have ready, willing, and able buyers available to purchase homes in our area.
Contact me today!