Home Prices Rising

No signs of slowing down

Evan Smith
June 11, 2019 - 2:58 pm

The housing market reports are in. So let’s take a look at the good news and the bad news behind the numbers:

Warm weather means beach vacations, ice cream, cold beers and – for those looking to buy a home – a huge surge of houses hitting the market.

In just the past year, the number of homes sold has gone up by 11 percent, according to stats from Coldwell Banker.

And it’s not just the sales that are increasing, but the prices.

Average sales price for a home compared to last year rose by 5 percent in Spartanburg and 6.5 percent in Greenville.

That brings average sales prices for a home up to $175,000 in Spartanburg and $217,000 in Greenville.

And if we look deeper at the stats, we’ll see that offers are also increasing.

Today the average home on the market will sell in two to three months, with sellers usually receiving 98 percent of their asking price.

What we’re seeing here is good news for the economy, but also reveals a growing divide between renters and buyers, as average mortgage payments are actually going down, while rent is increasing. That means that home buyers are putting down larger and larger down payments.

And with home prices only increasing, the result will be renters facing a far greater barrier to entry to home ownership, while still being forced to pay ever-increasing rent.

The housing market reports may not overtly state it, but that means wealth inequality and gentrification here in Greenville will see no signs of slowing down anytime soon.  

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