Greenville, SC real estate market: Stats & trends for 2021

Greenville is currently in the middle of a seller’s market, a trend that’s expected to continue at least through the end of the year. Much of the competition for resales has come from rentals, especially in Downtown Greenville, where new developments are rapidly leased.1

Located about midway between Atlanta, Georgia and Charlotte, North Carolina, Greenville is home to over 525,000 residents in the metropolitan area and is the sixth largest city in the state. The economy is diverse, helping to keep the demand for real estate and rental property robust.

Greenville boasts a lower cost of living, mild climate, a strong job market, and an overall quality of life that is hard to beat. Locals like Greenville because of its big city appeal combined with small-town Southern charm.

 

Population growth

The population of Greenville County has exploded to more than half a million people, keeping the county the most populous in all of South Carolina. Over the last 10 years, the population of the City of Greenville has grown by 21%, with dozens of condominiums and apartments complexes developed in the downtown area.2

Key population stats:

  • Greenville is home to nearly 71,000 residents in the city and more than 525,000 in the metropolitan county area.
  • The population of Greenville has increased by 21% over the last decade, with the metropolitan area growing by 1.53% year-over-year.3
  • Greenville is the sixth-largest city in South Carolina and home to the third-largest urban area in the state.
  • Cities in the Greenville metropolitan area include Fountain Inn, Greer, Mauldin, Simpsonville, and Travelers Rest.
  • Travelers Rest in suburban Greenville, has seen its population grow by 70% since 2010.4
  • Greenville County residents are among the state’s wealthiest residents, second only to Beaufort County along the coast where the Hilton Head resort is located.5
  • The per capita income in Greenville is $31,966, while the median household income is $58,621.
  • The mMedian age in Greenville is 38.5 years, a little younger than the figure for the state.
  • Millennials in Greenville account for 27% of the population, one of the key demographics that rental property investors look for.

 

Greenville SC court square

Job market

The economy of South Carolina has come back strong and is almost fully recovered from the financial crisis of 2008, with Greenville helping to lead the way. According to Greenville Business Magazine, Greenville is the most manufacturing-centric region of South Carolina and home to a goods-intensive economy, as opposed to the more service-based sectors in Columbia and Charleston to the south.6

Key employment stats:

  • The GDP for the Greenville-Anderson-Mauldin, SC MSA is nearly $49 billion, according to the Federal Reserve Bank of St. Louis, and has grown by about 63% over the past decade.
  • The unemployment rate in Greenville is down to 3.7% as of August 2021, as reported by the Bureau of Labor Statistics (BLS).7
  • Employment sectors in Greenville showing the fastest signs of growth include construction, manufacturing, trade and transportation, professional and business services, and leisure and hospitality.
  • Target industries in Greenville, South Carolina include advanced materials, automotive, aviation and aerospace, biosciences, and data centers.8
  • Greenville is home to a growing list of international, national, and regional headquarters like AMECO construction equipment, Fluor Corporation, GE Power, KI Logistics, and Verizon Wireless.
  • The largest major employers in Greenville County include Prisma Health, Greenville County Schools, Michelin North America, Duke Energy Corp, TD Bank, and the USC School of Medicine, Greenville.
  • Nearly 88% of the residents of Greenville are high school graduates or higher, while over 31% hold a bachelor’s degree or an advanced degree.
  • The Greenville area is home to more than a dozen higher learning institutions such as Clemson University, Furman University, Greenville Technical College, and Bob Jones University.
  • Greenville is located about midway between Atlanta, Georgia, and Charlotte, North Carolina.
  • Transportation infrastructure of Greenville includes 3 Interstate highways, 2 major freight railroads, and nearby Port Charleston and Inland Port Greer.
  • Greenville-Spartanburg International Airport is the largest airport in South Carolina, serving more than 2 million passengers each year with departures to 14 major cities.

 

Real estate market

Some homes for sale in Greenville are going under contract within 24 hours of hitting the market, often with multiple offers with buyers paying over asking price.9 

Local real estate experts predict the seller’s market in Greenville will continue through at least the end of the year. Lower taxes, a better quality of life, and more space to work from home are 3 factors driving the demand for real estate in Greenville.10

Key market stats:

  • The Zillow Home Value Index for Greenville is $246,733 as of August 31, 2021.11
  • Home values in Greenville, SC have increased by 13.5% over the past year and have grown by nearly 50% over the past 5 years.
  • The median listing home price in Greenville is $284,000 according to the most recent report from Realtor.com (August 2021).12
  • The median listing price per square foot for a home in Greenville is $142.
  • Homes in Greenville are selling for a median price of $291,100, with a sales-to-list price ratio of 100%.
  • Realtor.com ranks Greenville as a seller’s market, which means there are more people looking to buy a home than there are homes available.
  • Homes in Greenville are typically selling after 47 days on the market, down slightly since last year.
  • Some of the best neighborhoods in and around Greenville, South Carolina, are Pleasant Valley, North Main Area, and Augusta Street Area.
  • Of the 23 neighborhoods in Greenville, West End Market is the most expensive with a median home listing price of $922,000.
  • The most affordable neighborhood in Greenville is West Greenville, where homes have a median listing price of $139,800.

 

Greenville downtown

Strong renters’ market

Greenville has one of the highest rates of bidding wars for homes in the country, with a bidding-war rate of 73.9%.13 That means that nearly three-fourths of the time, buyers are competing to purchase a home in Greenville, especially among lower-priced homes in sought after areas. 

Rising prices and the strong demand for housing in Greenville could be 2 of the reasons why 50% of the housing units in Greenville are occupied by renters.14

Key market stats:

  • The median rent for a 3-bedroom home in Greenville is $1,605 per month, according to Zumper (as of September 2021).15
  • Rent prices in Greenville, South Carolina, have increased by 15% year-over-year.
  • Single-family homes in Greenville make up 70% of the housing stock in the market, helping to make a house an attractive rental option.16
  • About 50% of the households in Greenville are occupied by renters, according to the most recent survey by RENTCafé.17
  • The median age in Greenville is 38.5, a little lower than the figure for South Carolina.
  • Millennials between the ages of 20 and 29 account for 27% of the population in Greenville, one of the key demographics that rental property investors look for.

 

Historic price changes & housing affordability

Real estate investors look at the past performance of the housing market in Greenville to help estimate the potential future demand for rental housing. Two data points used to analyze rental property demand for the Home Price Index (HPI) and the Housing Affordability Index (HAI).

HPI measures the typical price inflation of housing over a specific period of time, while HAI compares the median price of a resale home to median household incomes in the area.

The Freddie Mac House Price Index (FMHPI) measures the typical price inflation for houses in Greenville and other major real estate markets in the U.S. According to the most recent HPI for Greenville, home prices in the Greenville, South Carolina metro area have increased by 57% over the last 5 years:18

  • July 2016 HPI: 140.8
  • July 2021 HPI: 221.0
  • 5-year change in home prices: 57.0%
  • 1-year change in home prices: 19.2%
  • Comparison to pre-2008 peak: 77.8%

The Housing Affordability Index (HAI) compares median family incomes to prices of median resale single-family homes. HAIs use 100 as a baseline index number. Real estate markets with an HAI above 100 tend to be more affordable to buy, while cities with an HAI below 100 tend to be more favorable for renting.

According to the most recent data, the HAI for Greenville is 112. This means that buying a median priced home is still affordable for residents with a median household income.19

 

Quality of life

Greenville provides residents and businesses with big-city amenities without the congestion of living in a larger urban area. The redeveloping downtown district, emerging culinary scene, and job market growth are transforming Greenville into a diverse community with an unmatched lifestyle.

Key quality of life stats:

  • Greenville is the 38th best place to live in the country and the 44th best place to retire, according to U.S. News & World Report.20
  • Niche.com gives Greenville an overall A grade, with top scores for diversity, family living, public schools, and nightlife.21
  • Overall cost of living in Greenville is 4% higher than the national average, although healthcare, transportation, and utilities cost less.22
  • Greenville is close to the Blue Ridge Mountains and about a 5 hour drive from the Atlantic Ocean.
  • Both Charlotte and Columbia are 90 minutes from Greenville, while Atlanta is only 2 hours away.
  • Bon Secours St. Francis Health System and AnMed Health Medical Center are rated as the 2 best hospitals in Greenville.23
  • Arts and entertainment take center stage in Greenville, with countless museums and galleries, live music and theatre, and festivals throughout the year.

 

Get Out the Map

Where to begin your search? Roofstock created a heat map of Greenville based on our Neighborhood Rating, a dynamic algorithm that enables you to make informed investment decisions by measuring school district quality, home values, employment rates, income levels and other vital investment criteria.

DARK GREEN: 4-5 star neighborhood
LIGHT GREEN: 3.5-4 star neighborhood
YELLOW: 2.5-3 star neighborhood
ORANGE: 2 star neighborhood
RED: 1 star neighborhood

 

Ready to invest in the Greenville, South Carolina housing market? If you haven't already done so, create your free Roofstock account and set up alerts. We'll notify you when we have a Greenville investment property that matches your search criteria.

 

References

  1. https://www.greenvillebusinessmag.com/2021/03/31/352080/home-real-estate-sellers-market-likely-to-continue-through-2021, Mar. 31, 2021
  2. https://www.thestate.com/news/upstate/article253449029.html, viewed Sept. 23, 2021
  3. https://datausa.io/profile/geo/greenville-anderson-mauldin-sc, viewed Sept. 23, 2021
  4. https://www.thestate.com/news/upstate/article253449029.html, viewed Sept. 23, 2021
  5. https://www.greenvilleeconomicdevelopment.com/quality-of-life/demographics/, viewed Sept. 23, 2021
  6. https://www.greenvillebusinessmag.com/2021/01/05/341192/economic-outlook-for-south-carolina-a-better-2021, Jan. 5, 2021
  7. https://www.bls.gov/eag/eag.sc_greenville_msa.htm, viewed Sept. 23, 2021
  8. https://www.greenvilleeconomicdevelopment.com/target-industries/, viewed Sept. 23, 2021
  9. https://www.wspa.com/news/local-news/upstate-housing-market-working-to-keep-up-with-demand/, May 11, 2021
  10. https://www.greenvillebusinessmag.com/2021/03/31/352080/home-real-estate-sellers-market-likely-to-continue-through-2021, Mar. 31, 2021
  11. https://www.zillow.com/greenville-sc/home-values/, viewed Sept. 23, 2021
  12. https://www.realtor.com/realestateandhomes-search/Greenville_SC/overview, viewed Sept. 23, 2021
  13. https://www.housingwire.com/articles/redfin-bidding-wars-drop-slightly-in-june/, July 13, 2021
  14. https://www.rentcafe.com/average-rent-market-trends/us/sc/greenville/, viewed Sept. 23, 2021
  15. https://www.zumper.com/rent-research/greenville-sc, viewed Sept. 23, 2021
  16. https://censusreporter.org/profiles/31000US24860-greenville-anderson-sc-metro-area/, viewed Sept. 23, 2021
  17. https://www.rentcafe.com/average-rent-market-trends/us/sc/greenville/, viewed Sept. 23, 2021
  18. http://www.freddiemac.com/research/indices/house-price-index.page, viewed Sept. 23, 2021
  19. https://southcarolina.hometownlocator.com/sc/greenville/greenville.cfm, viewed Sept. 23, 2021
  20. https://realestate.usnews.com/places/south-carolina/greenville, viewed Sept. 23, 2021
  21. https://www.niche.com/places-to-live/greenville-greenville-sc/, viewed Sept. 23, 2021
  22. https://www.areavibes.com/greenville-sc/cost-of-living/, viewed Sept. 23, 2021
  23. https://health.usnews.com/best-hospitals/area/greenville-sc, viewed Sept. 23, 2021

 

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This article, and the Roofstock Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, legal, or real estate advice. Roofstock is not your advisor or agent. Please consult your own experts for advice in these areas. Although Roofstock provides information it believes to be accurate, Roofstock makes no representations or warranties about the accuracy or completeness of the information contained on this blog.
Jeff Rohde

Author

Jeff Rohde

Jeff has over 25 years of experience in all segments of the real estate industry including investing, brokerage, residential, commercial, and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.

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