I came across an article titled “Major Cities Where Home Prices Are Plummeting” then it says below the title, “List prices over the past year are down in these 15 cities.” A client sent me the article yesterday via email, so I knew it had something to do with the Upstate. My client is looking to build a home in the upstate because they’re wanting to relocate from North Carolina. Well guess what, Greenville was #3 on that list.
This article states that the median list price in Greenville for March 2017 was $277,000 and March 2018 was $260,000, a -$17,000 difference. Median means “in the middle”.
So, with regard to List Price, this means exactly half of homes listed are above this price and exactly half are below. Since i have access to the Greenville MLS, I decided to do a little digging. It only took a couple minutes to find out that the numbers were very very different but in a good way. The city of Greenville “Median List Price” in March 2017 was actually $191,893 and in March 2018 it was $235,900.
I don’t know where GoBankingRate.com got their statistics but Greenville home “List Prices” are not plummeting as the article states. Notice how the article says “List Price” not “Sales Price.” This is very misleading to begin with. We don’t have a statistic here in the upstate for “Avg List Price.” However, if we know the “Average Sales Price” and the “Percentage of List to Sold Price,” then we can figure out what our “Average List Price” would be. With that being said, according to our most recent statistics:
-the avg sales price here in Greenville March 2017 was $212,817; March 2018 was $236,399.
-The percentage of List price received in March of 2017 was 97.7%, so that would make the avg “List Price” in March of 2017 in Greenville $217,827
-March 2018 was 98.1% list-to-sold which would make the avg “List Price” $240,977.
Let’s take it a step further. The avg List Price in the city of Greenville in March of 2017 was $244,667 with an avg List to sold percentage of 97.8% which equals an avg sales price of $239,284; March 2018 was $290,357 with an avg List to sold percentage of 98.1% which equals an avg sales price of $284,840. Gotta love fake news!
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