Is Greenville, SC Still an Affordable Place to Live? Let’s Look at the Real Numbers

For many years, Greenville, South Carolina, was known as a very affordable place to live. Homes were easier to buy, and the cost of living felt lower than in many other cities. But in the last five to seven years, a lot has changed.

Home prices have gone up. More people are moving in. New homes cost more than before. So it is fair to ask this question.

Is Greenville still affordable today?

The short answer is yes. But the full answer needs real numbers. Let’s break it all down in a simple way.

Why People Feel Greenville Is No Longer Affordable

Many people say Greenville feels expensive now, and there are good reasons for that feeling.

Home Prices Have Increased a Lot

Around six years ago, the average home price in Greenville was about $250,000. Today, that number is closer to $400,000. That is a big jump in a short time.

If you bought a home before 2020, you likely saw your home value rise fast. That is great for homeowners, but hard for buyers looking today.

More People Want to Live Here

Greenville is no longer a hidden gem. People from all over the country are moving here. More people mean more demand for homes, and that pushes prices higher.

Places like Travelers Rest and other nearby areas saw very strong growth because buyers wanted to live there.

New Homes Cost More

There is also a lot of new construction in Greenville. New homes often cost more than older ones. Seeing those higher prices can change how people think about the market.

All of this affects how affordable Greenville feels. But perception and reality are not always the same.

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What the Real Numbers Say About Greenville Housing

Now let’s look at the actual data.

Median Home Price Compared to the U.S.

The median home price in Greenville is about $315,000 based on recent local data.

The median home price in the United States is between $400,000 and $450,000.

That means Greenville homes are about $100,000 less than the national average.

Home Price Growth Is More Stable Now

Home prices in Greenville are growing at about 3 percent per year. That is close to the long term national average.

This is very different from the fast price jumps seen from 2019 to 2023. The market is now more balanced.

More Homes Are for Sale

Inventory is up by about 45 percent, and Greenville now has around 4.5 months of inventory.

This means there are more homes to choose from. Supply is closer to meeting demand, which helps keep prices stable.

What Is the Housing Affordability Index?

One number that matters a lot is the housing affordability index.

This index compares local income to local home prices.

• A score of 100 means the average income can afford the average home.

• Higher than 100 means more affordable.

• Lower than 100 means less affordable.

Greenville is currently scoring between 96 and 100.

In the past, Greenville was close to 200, which means it was extremely affordable. Today, it is closer to normal levels.

Many large cities now score between 60 and 80. Compared to them, Greenville is still doing very well.

Cost of Living Still Works in Greenville’s Favor

Greenville’s cost of living is about 7 percent lower than the national average.

This includes things like housing, healthcare, and daily expenses.

The affordability index also looks at local wages, not just home prices. That shows income in Greenville still matches housing costs better than in many other cities.

Is Now a Better Time to Buy in Greenville?

With more homes on the market, buyers have more power than they did a few years ago.

Today, buyers may be able to:

• Negotiate the price

• Ask for help with closing costs

• Get better terms overall

That was very hard to do during the peak market.

So, Is Greenville Still Affordable?

Yes, Greenville is still affordable when compared to the rest of the country.

No, it is not as affordable as it was five years ago.

Both of these things can be true at the same time.

Greenville continues to offer strong job options, good healthcare, and a cost of living that works for many families. That makes it a city still worth serious consideration.