Monthly Market Report: October 2024

As we move further into 2024, the real estate market in Greenville is experiencing some significant shifts that both home buyers and sellers should keep in mind. With recent changes in interest rates and evolving market conditions, there's a lot to explore about what these trends mean for your homeownership goals. Whether you're planning to buy, sell, or simply want to stay informed, this October update offers the latest insights on Greenville’s real estate landscape.

Key Updates on Interest Rates and Market Affordability 

In recent months, the Federal Reserve (the FED) has made notable changes to interest rates, with a recent 50-basis-point cut in September. This adjustment primarily impacts short-term loans but has trickle-down effects on long-term mortgage rates, including those for 30-year home loans. For prospective home buyers, this shift presents new opportunities for greater affordability. As interest rates decrease, mortgage costs follow, making it easier for first-time buyers and renters considering home ownership to enter the market.

One important note for buyers is that, in Greenville, we often see a 3- to 6-month delay between rate cuts and a noticeable shift in buyer activity. This timing could mean that savvy buyers who act now have a unique window before increased competition hits. With current rates, purchasing a home in Greenville is becoming more accessible, offering potential buyers an ideal moment to secure a property before the market becomes busier.

Check out our October Market Update video below: