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ovember brought a surge in home sales for real estate agents in the Greenville area, with year-over-year closed sales increasing by 9.7 percent, the largest single-month jump since July. This marked the region's second consecutive month of increased year-over-year sales and was the second-biggest statewide increase behind Beaufort's 20 percent surge.
The national trend also showed an improvement in existing-home sales, with a 6.1 percent year-over-year increase in November. For the year, sales are up 5.9 percent in the Greenville area, while existing-home sales are up 4.8 percent nationally.
According to Lawrence Yun, NAR chief economist, "Home sales momentum is building" due to factors such as job growth, increased housing inventory, and mortgage rates between 6-7 percent.
In the Greenville region, home inventory continues to rise, increasing by 29.6 percent year-over-year in November with 4,798 listings on the market. This has led to a decrease in the area's median price, which dropped for a third straight month to $305,000 in November.
Bryon Culbertson, an agent with Berkshire Hathaway HomeServices C. Dan Joyner Realtors, was honored as the GGAR 2024 Commercial Realtor of the Year. He has been assisting clients with various commercial real estate transactions since starting his career in 2012.
Multifamily occupancy in the Greenville and Spartanburg markets exceeded 89 percent for the first time since 2022, according to Colliers South Carolina. New construction starts have dropped sharply due to financing challenges, but robust employment growth supports demand for new housing development.
The region's multifamily construction pipeline has slowed from 8,016 units in progress two years ago to 3,741 units as of the third quarter of 2024. There are currently 15 projects with 50 or more units in development, including the Judson Mill project and Ellison Eastside in Greenville.
Single-family housing starts rose 6 percent nationally in November, driven by a rebound in construction in the South. However, multifamily starts sank 23.2 percent, driving an overall 1.8 percent dip in starts. Apartment development remains weak overall, according to Wells Fargo.
