Greenville Market Update
When analyzing market trends in residential real estate, one of the leading indicators of the trajectory of the residential market is the commercial real estate market. This means that whatever is currently going on in the commercial real estate market can be expected to show up as the condition of the residential real estate market later on down the line. That being said, we are currently looking at a national commercial market that is headed for crisis due to the rental vacancies in the sector from remote work catching on since COVID 19 began. This indicates that residential real estate could be headed for a more distantly occurring crisis nationwide. However, Greenville is in a unique position because of our economic development. Not only do we have more foreign headquarters in the Greenville-Spartanburg-Anderson area than anywhere in the country (except the Orlando/Tampa area), we also have tremendous inbound traffic of people moving into the area from out-of-state. This will act as a buffer for the area that translates into a market that is likely not to experience the crisis of the commercial sector that is underway for most of the country.
As a result, we anticipate prices to increase in Greenville overtime rather than decrease. While large real estate investment companies will be flooding markets with residential inventory in the rest of the nation, therefore decreasing housing prices, Greenville’s demand and migration to the area will prevent that same inventory flood from happening in our area.