Hope your summer is going well so far! The Real Estate market in Spartanburg is going strong in 2024, I believe it will be a good year for us.
I want to share a few updates about the state of the market in Spartanburg County. Even if you aren’t planning to buy or sell soon, it’s always important to stay up to date on current events and market trends.
Total Closings: 558 properties sold in May 2024, up 15.3% from April 2024.
Days on Market: 26 days for sold properties, 21.21% less than April 2024
Listing Inventory: 3.29 months, 4.4% more than April 2024, 36.5% increase over May 2023.
Average Sales Price: $289,900, 2.7% increase over April 2024.
Sales Price to List Price Percentage: 100.3%, 2% increase over April 2024.
Overall, sales are trending up. Our listing inventory is at the highest level in the past 5 years. We are still in a seller’s market—that means more people are looking to buy than there are homes for sale. Sellers can usually sell their homes quicker and for higher prices in a seller’s market. If our listing inventory reaches 5 months supply, it will become a balanced market. Sellers will lose the natural advantage of supply and demand. Days on market may increase and sales price may decrease. Buyers will be in a more advantageous position to negotiate.
Want to chat about real estate and market trends in our area? Get in touch!