01/29/2025
Local Real Estate market insights:
While all signs pointed to lower interest rates heading into 2024 that didn't happen and interest rates remained fairly stubborn much of last year. Despite entering 2025 with higher mortgage interest rates, we expect them to back off in late January, and we predict home buyers will see rates between 6.25-6.50% this year. Mortgage rates are expected to keep mortgage payments essentially unchanged in 2025, despite continued home price growth.
Thanks to the highest amount of inventory seen since 2019 predicted for this year, you’ll have good news if you’re searching for a home this spring. Home buyers can expect to experience a slower-paced market that’s far less competitive than we’ve experienced in a while.
For those in Upstate, South Carolina:
Active inventory has increased by 30%, providing buyers with more options across all price points. The sales pace has risen by 6.5%, signaling continued demand in the market. Additionally, the monthly supply of inventory has grown from 2.9 months to 3.6 months, reflecting a more balanced market. Homes are spending an average of 50 days on the market, while the average price has climbed by 3.5% to $385,000. These trends point to a steady improvement in market conditions, offering opportunities for both buyers and sellers.
