This is how our market has changed over the last year.
The latest numbers are in for our Upstate South Carolina housing market, so today we’ll be looking at how they compare to what we saw last year.
The number of new listings between the second quarter of 2020 and the second quarter of 2021 remained virtually unchanged at around 3,700. The number of pending sales also remained similar, hovering around 3,100 both years. However, there were 2,800 closed sales in Q2 of last year and 3,200 in Q2 of this year—a 13% increase. This indicates the market is becoming even more competitive.
Homes spent around 91 days on the market in Q2 of 2020, but they’re spending 61 days in Q2 of 2021. That’s a 33% decrease, which shows the market is tightening more and more. In Q2 of last year, homes were selling for around 97.2% of their asking price, and in Q2 of 2021, they’re selling for around 99%. Basically, there’s no chance for negotiation.
Inventory is continuing to drop, but interest rates have remained low at around 3%. This has caused buyer demand to skyrocket, as buyers want to take advantage of these record-low rates.
These numbers show it’s a great time to sell your home; low inventory and high demand means you’ll likely get the highest price possible. However, it’s also a great time to buy a home because low interest rates have increased your buying power. Additionally, reports show that these market trends will likely continue through 2023.
If you’re thinking about buying or selling a home in order to take advantage of our hot market, feel free to reach out to me. I’d also be happy to answer any questions you may have about your real estate goals. Until then, I look forward to hearing from you soon.