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The Greenville area continues to make inventory gains, slowly but surely pulling itself out of the deficit of available homes created by the buying frenzy which accompanied the pandemic. The Greater Greenville Association of Realtors reported an inventory level of 4,948 homes for sale in October, the market’s highest single-month figure since 5,442 homes were listed in April of 2015 — well before the onset of the coronavirus pandemic in early 2020, which led to a flood of cash-rich buyers from areas with higher average real estate values, and severely depleted inventory levels as a result. The Greenville area has now seen year-over-year, double-digit percentage inventory increases for 10 straight months, including a 35.
3 percent gain in October. Even months’ supply of inventory is now more in line with pre-pandemic levels — it was 3.8 in October, compared with 3.
6 in late 2019. But the market is still imbalanced from an inventory standpoint, given that a five to six months’ supply of listings is considered enough to meet buyer demand. In what is likely a reflection of more options being on the market, year-over-year median prices in the Greenville area dipped for the second consecutive month — 3.
1 percent in October, which followed a 3.4 percent drop in September. The October median price of $314,900 is down more than $10,000 from the market high of $324,990 reached in July.
Closed sales rallied from a small dip in September to post a 4.8 percent year-over-year gain in October. And Greenville-area sellers were still receiving an average of 98 percent of their list prices in October, which was right in line with what the market has experienced over the past 12 months.
Days after a home in The Reserve became the second-biggest sale ever on Lake Keowee, another residence on the same street joined the elite circle of closings to eclipse the $6 million mark. The four-bedroom, 6,750-square-foot home at 414 Peninsula Ridge sold Oct. 31 for $6.
79 million. Designed by Brad Wright and built in 2018 by Ridgeline Construction Group, the home’s exterior features Doggett Mountain and Hooper’s Creek cut stone, Carolina wavy-edged siding and cedar shakes, all capped by a slate roof with standing seam accents. Inside, the towering great room features a cut stone fireplace, a tongue-and-groove pine ceiling, Venetian faux-painted walls and sliding pocket doors with drop-down screens that lead to a large, covered Crab Orchard stone patio.
On the terrace level, reclaimed barn boards adorn the walls in the media or family room. The level also features a privately accessed secret room, which had previously been used to store valuables, but could also be repurposed as a wine room. The property also features 2,000 square feet of outdoor living space, and a paver cart path to the home’s boat dock.
Justin Winter and Associates was the listing agency on the home, while Linda O’Brien of Coldwell Banker Caine represented the buyer. The $6.79 million sale is located six doors down and across the street from 387 Peninsula Ridge, which closed Oct.
21 for $8 million to become the biggest sale ever in The Reserve at Lake Keowee. Justin Winter and Associates was also the listing agency on that sale, the second-biggest ever on Lake Keowee behind the $10 million closing of 132 Mountain Shore Trail in The Cliffs at Keowee Springs. Deals involving Prisma Health Upstate, Bath and Body Works, The UPS Store and the Keurig Dr Pepper beverage company highlighted transactions reported by Upstate offices of the commercial real estate agency Colliers South Carolina in the third quarter of 2024.
Garrett Scott, John Montgomery, Brockton Hall and Dillon Swayngim represented USICVI TRIP LOT 5 Inc. in the lease of 219,174 square feet of industrial space at 3200 Moore Duncan Highway in Moore to Keurig Dr Pepper. Taylor Allen, Brantley Anderson and Bailey Tollison represented the seller in the disposition of a 15,435-square-foot of office building at 3 Linwa Blvd.
in Anderson to Prisma Health Upstate for $3.185 million. Lance Byars and Scott Burgess represented GG REIF Town N Country LLC in the lease of 3,000 square feet of retail space at 610 Calhoun Memorial Highway in Clemson to Bath and Body Works.
Byars and Burgess also represented Forest Park 1683 LLC in the lease of 1,400 square feet of retail space at 27 South Pleasantburg Drive in Greenville to The UPS Store. Elsewhere, Swayngim, Scott, Montgomery, Mark Erickson and Jarred Watts represented landlord MSG, while Hall represented tenant Ohio Transmission Corp., in the lease of 56,843 square feet of industrial space at 380 John Dodd Road in Spartanburg.
Swayngim, Drake Scott, Garrett Scott, Montgomery and Hall represented MEC Aerial Work Platforms in the leasing of 56,160 square feet of industrial space at 161 International Park Drive in Spartanburg. Swayngim, Garrett Scott, Montgomery and Hall represented EastGroup Properties in the lease of 50,490 square feet of industrial space at 154 Tyger River Drive in Duncan to Roadtex Transportation. Greyson Furnas and Drake Scott represented Felters of South Carolina in the lease of 38,000 square feet of industrial space at 5965 Highway 221 in Roebuck to Toray Composite Materials America.
Byars and Burgess represented ARC ASANDSC001 LLC in the lease of 22,285 square feet of retail space at 148 Station Drive in Anderson to Sierra Trading Post. Kevin Pogue represented Southern Bank in the lease of 22,000 square feet of office space at 310 Inglesby Parkway in Duncan to AFL Telecommunications, and represented Lendall Lake LLC in the purchase of a 16,241-square-foot industrial building at 1621 Union St. in Spartanburg.
Allen, Anderson and Tollison represented Kimley Horn and Associates in the leasing of 12,690 square feet of office space at 550 South Main St. in Greenville. Swayngim, Drake Scott, Garrett Scott, Montgomery and Hall represented GGP Greer QOZB LLC in the lease of 12,154 square feet of industrial space at 2750 Highway 14 in Greer to LA Hair Boutique.
Montgomery, Hall, Swayngim and Garrett Scott also represented THUR LLC in the lease of 11,200 square feet of industrial space at 19 Grant Park Place in Piedmont to IES Residential. Allen, Anderson and Tollison represented the seller in the disposition of an 8,300-square-foot office building at 110 Edgeworth St. in Greenville to Milvian Biz LLC for $1.
35 million. And Byars and Burgess represented Hardees Restaurants in the lease of 2,850 square feet of restaurant space at 904 Anderson St. in Piedmont to Monte Verde Mexican Restaurante.
The worst of the housing inventory shortage may be coming to an end, mortgage rates are stabilizing and job additions are continuing, according to Lawrence Yun, chief economist at the National Association of Realtors. “Maybe the worst is coming to an end,” Yun said recently at an NAR conference in Boston. “Directionally, I think there’s going to be roughly a 10 percent boost of existing-home sales in 2025 and 2026.
” Yun projects new home sales to be 11 percent higher in 2025 and 8 percent higher in 2026. Yun forecasts the median home price to be 2 percent higher in both 2025 and 2026. As for 2024, it’s “been a very difficult year on many fronts,” he added.
“We did not get the home sales recovery this year after an awful 2023.”.
