Experience the Thrill of Investing in Greenville, South Carolina
Investors have a lot to gain in Greenville, South Carolina, a city of around 70,000 people. See what’s so appealing about this growing southern city with a lower cost of living and plenty of economic growth.
There’s no doubt that 2021 was a banner year for real estate across the country. Typical U.S. houses rose in value by 19.6 percent in 2021 according to Zillow. Many are now predicting yet another big year in 2022. The combination of high demand and low inventory doesn’t look to be letting up anytime soon.
With waves of growth in the sun belt states, Greenville provides an exciting opportunity. Investors who can get into this South Carolina city, can take advantage of the economically strong and growing area. Here’s how investing in Greenville can help you stay ahead of the competition.
One feather Greenville can put in its cap is its ranking among the nation’s hottest housing markets for 2022 . There are predictions of a sales volume increase of 11 percent and home price jump of 6 percent. Zillow lists the typical home value in Greenville as $275,123, which is below the average U.S. value of $331,533.
Though housing costs are rising, Greenville prices are still within reach of many renters, prospective homeowners, and investors. Especially when compared to other larger cities where housing costs are out of range of many lower and middle income residents. As remote work becomes more of a permanent option for many workers, cities such as Greenville look to offer good real estate investment opportunities.
Why are people flocking to Greenville?
The affordable housing is certainly a draw. In 2021, Yahoo named it among its “10 coolest lowest cost cities.” The city has a lot going for it and its lower cost of living is just one advantage. Greenville is about a 2.5 hour drive to either Atlanta or Charlotte, and it boasts mild winters that rarely drop below freezing. That pleasant weather means residents and visitors can enjoy outdoor activities year-round, from the 400-acre Lake Conestee Nature Preserve to its 20-mile Swamp Rabbit Trail. Restaurants, art venues, and entertainment options keep the city alive well after dark.
Greenville’s economic outlook
Greenville County is known as the “economic engine of South Carolina,” according to the Greenville Area Development Corporation It certainly has tax policies and incentives favorable to businesses. Among the major companies with operations in the area are Lockheed Martin, 3M, GE, and Michelin. Other economic points in Greenville’s favor include a skilled workforce and several colleges including Furman University.
The 2019 poverty rate for Greenville, South Carolina, was 13.4 percent, a one-year decrease of 3.03 percent and in the same year, the median household income was $56,609, up 5.67 percent from the prior year. The 2021 August unemployment rate in the Greenville area was a low 3.7 percent. U.S. Census data confirms that Greenville is one of the fastest growing areas of the state. Overall, the area’s economic indicators are strong and should buoy investors who want to make a move into Greenville to build wealth, whether to fix and flip or to use as income-generating rental properties.
Strong rental market
About 50 percent of the households in Greenville are rentals, according to RentCafe, which found that the average rent in the area for February 2022 was $1,278, compared with a national average of $1,628. Combined with the median listing home price in Greenville, South Carolina, of $299,000 in January 2022, the low unemployment rate and skilled workforce, investors see high value in Greenville as a market for rentals.
Why seniors like Greenville
Beyond the pleasant weather, Greenville attracts the retirement set with favorable tax policies like no tax on social security benefits and low owner-occupied property taxes. There’s a robust healthcare system with several hospitals, which speaks to why it appeals to senior citizens. About 16 percent of the population is over 65.
Of course, there’s also plenty of restaurants, shopping, and golf courses to keep anyone over 55 busy. Plus easy drives to bigger cities like Atlanta and Charlotte for those who want a little more big city adventure and vibe.
The median listing home price in Greenville, South Carolina, was $299,000 in January 2022, an increase of 6.8 percent year-over-year and the median home sold price was $285K, according to Realtor.com. The area looks well positioned for continued growth and appreciation, with a prediction of 11.4 percent year-over-year sales growth in 2022 and 5.7 percent year-over-year price growth for a combined growth of 17.1 percent. This puts it in the top 10 housing markets positioned for growth according to Realtor.com.
Quality of life
Greenville is a fun place to visit and live, with plenty to see and do. In downtown, Falls Park on the Reedy and The Liberty Bridge offer pedestrians a chance to view the Reedy River Falls from atop a single-suspension bridge. It’s easy to walk or bike the city year-round due to excellent weather. There are plenty of restaurants, breweries and watering holes for anyone to quench their thirst along the way. And lots of parks for outdoor recreation. A thriving arts scene is another top draw.
Is now a good time to invest in Greenville?
The housing market shows no signs of simmering down in 2022. As such, investors are looking for hot markets that are still affordable for both investors and buyers and renters.
Greenville holds up well in both of these areas. It has a thriving economy with a strong workforce, lots of existing world-class businesses, and a business-friendly attitude. Families love Greenville for its year-round play-outside weather, there are several colleges, and retirees are also making Greenville their home. Smart real estate investors are always on the lookout for new markets.
Investors should feel positive about the strength of the real estate market in Greenville. Given the earnings potential among residents and the low unemployment rate, finding qualified renters looks promising. Sundae’s Marketplace offers an easy way for investors to find exclusive, as-is properties.