Housing Market Back to Pre-Recession Levels

Took more than ten years

Evan Smith
July 01, 2019 - 3:40 pm

Ten years after the financial crises wept across the nation, it appears that housing in Greenville County has finally bounced back to pre-Recession levels.

Let’s jump back to ’08 for some context. Back then, Greenville County gave out 1,855 certificates of occupancy for single-family homes in the County.

Now in 2019, the county is handing out 155 certificates for homes each month, which puts us on pace to hit that peek number in 2008 again.

 Now for those who immediately think, “Great, that means we’re heading right for another recession,” market analysts say relax.

There’s a lot less speculative home building now than there was leading up to the Recession.

“But what about all those cranes building luxury apartment complex after luxury apartment complex?” you might wonder. “Isn’t that a sure sign of a bubble?”

Well, according to economists, that’s less a result of a macro-economic trend, and more the result of gentrification. As more and more well-off people seek to move into metro city areas, mostly millennials but also retirees as well, apartment builders aim to offset costs by catering specifically to a high-end clientele – a trend that sees no signs of slowing down anytime soon.

All in all, the market remains on an upward trajectory for the foreseeable future.

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