As we enter the final week of 2022 it’s important that we look toward what to expect in 2023’s Greenville Real Estate Market. 2022 was a rollercoaster of a year to say the least. The past several years have been a wild ride for this market and most others across the country. Housing has been in a boom and demand for property has been further fueled by low borrowing costs and new patterns emerging from trends like working from home and let’s not forget the Short-Term Rental market.
In a year of of so much change one would have to expect that this trend would continue right? Our hypothesis is quite the opposite. We expect the broader and longer trends to continue driving a more normalized market. One clue to all of this can be found on Google’s trusty trends tool.
In the image above we’ve posted a search of the past 10 years of search traffic on the very popular keyword “homes for sale Greenville SC” one of the top terms home shoppers use to begin their journey. I’ve pointed out the anomaly of 2020 (I think we all changed our routines that March) with a blue dot. While the area underneath the line may have grown and contracted from some of the macro-economic factors the age old seasonal cycle of real estate is still incredible easy to see. For comparison here’s the keyword with much more data being used at a national level.
Looking at the national trend line there’s even more data to show that the trend in Greenville, SC can be seen on the national level more clearly. (much more data to work with). Not surprisingly despite changes in interest rates and trends like “work from home”, and Short-term rental trends coming and going people still habitually return in great numbers to shop for homes to buy after taking a break for the holidays. We expect this to be the trend in 2023. What should home buyers, investors, and anyone who needs to sell be ready to do?
The short answer is to get pre-approved and get your goals and criteria together so you’re ready to take action. If you’re selling the time is NOW to start getting ready for the spring market which historically will still be the one of the most optimal times for you to sell your home. If you’re thinking about making a move in 2023 contact our team we would love to be your expert to guide you through the process.
-Brian Co-Owner of Bird Dog Group.