August 2023 Greenville, SC Real Estate Update:
Let’s recap the last month! To kick things off, the city of Greenville, SC, has introduced and published its new zoning code requirements. Staying updated with these zoning requirements is crucial for both ongoing and future projects. Notably, there have been several updates to zoning regulations concerning Accessory Dwelling Units (ADUs), which are referred to as smaller, independent residential dwellings located on the same lot as a stand-alone single-famiy home. If you wish to delve deeper into the topic of ADUs, watch this informational Instagram Reel by Bird Dog Group: ADU Information Reel. For additional details on zoning restrictions, you can visit the city’s website at: https://www.greenvillesc.gov/182/Greenville-Development-Code.
Another noteworthy update concerning the Greenville area is the steady increase in home prices, as reported by the Greater Greenville Association of REALTORS® (GGAR), showing a 3.4% year-to-date average sales price increase. Now in relation to our Bird Dog Group Greenville Tracker for Sub $300,000 homes we see a nearly flat number of homes on the tracker from July 2023 to August 2023 which is a good sign. As we progress into the beginning of the new school season and colder weather, we will closely monitor the sub $300,000 home tracker. These two factors have a tendency to coincide with a slowdown in the real estate market. As time moves forward, we will keep an eye out for how the tracker and trends are looking for the rest of 2023.
Lastly, the BMW group breaks ground on their new facility in Woodruff, SC. In return, this new facility generates 300+ new job opportunities which could directly impact the real estate market in Woodruff, SC and the surrounding areas.