#MarketMinute: Will COVID-19 Help the Upstate Real Estate Market?

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The Upstate Real Estate Market didn’t feel much of the effects of COVID-19 in March.  The Greater Greenville & Greater Anderson Real Estate Markets had increases in every major category we use to measure the state of the market.  Median Sales Price was up, as were the number of Closed Sales and New Listings.  Like to see the numbers for yourself?  Take a look >>>

Remember, these numbers are from March and we had a lot of transactions already pending and a lot of buyers already on the hunt before COVID-19 began to impact this area.  I just saw on a business news channel that nationally, for the first week of April, new listings are down 27% compared to the same time last year, and I believe we’ll see that locally as well.  We all anticipate that the Upstate Real Estate market will be affected by this pandemic, but I’m not certain that this is a bad thing.  I believe, that for the big picture, COVID-19 will be helpful to our Upstate Real Estate market.  Take a look at the stat from March that stood out to me most…the Supply of Inventory.  The higher this number, the more the market shifts from a seller’s market to a balanced market, and possibly even into a buyer’s market.

The Greater Greenville Real Estate market, has a 25% increase in supply of inventory and the Greater Anderson Real Estate Market saw a more conservative 5% increase in March.  This tells me that there is more inventory in both markets from which buyers can choose.  The Upstate Real Estate Market was getting out of control and well on its way to pricing itself out, in my opinion.  So, while it could be a bit of a hassle for a while, if these supply numbers continue to grow, then COVID-19 will be responsible for shifting the Upstate Real Estate Market from a strong seller’s market to a more balanced market, helping to keep prices in check and therefore allowing more affordability when purchasing a home.

Side note, I don’t think this is a bad thing.  We needed a “reset” and COVID-19 may just be the answer, however unfortunate.  Wanna have a more in depth discussion?  I would love to talk to you about it!  Email me at April@AllStarSC.com

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