GSA Daily Staff Report
Published Sept. 29, 2009
Greenville’s home prices remain more affordable than in two-thirds of the cities in a national Coldwell Banker Home Price Comparison Index, data released this week show.
The 2009 Coldwell Banker Home Price Comparison Index ranked Greenville in the top one-third of affordable housing markets in the nation with an average home price of $214,116 for a 2,200-square-foot home.
The Coldwell Banker data affirm the observation in last summer’s S.C. Housing Market Report from the Moore School of Business that “the high affordability of housing in South Carolina will mean that the housing industry will be among the first industries to experience growth as the economy recovers.”
The HPCI is an annual study released by Coldwell Banker Real Estate LLC that provides a comparison of similar 2,200-square-foot, four-bedroom, 2.5 bath homes among 310 U.S. markets.
Coldwell Banker Caine of Greenville participated locally in the study that provides insight into the affordability of homes nationwide.
This year’s study ranked Greenville as #103 in affordability, almost $150,000 below the national average of $363,460.
“The Upstate continues to provide a wide range of affordable housing options,” says Brad Halter, President of Coldwell Banker Caine. “This affordability, along with low interest rates and tax incentives, provides first-time home buyers and move-up buyers with a unique opportunity to take advantage of Greenville’s current housing market.”
Halter says that the study also shows that Greenville’s homes are maintaining their value.
“Statewide, Greenville’s home values are ranked second in South Carolina behind Charleston,” Halter says. “This shows that homes here are maintaining their value, which reinforces that home buying in the Upstate continues to be a good investment. And, that doesn’t even take into consideration Greenville’s high quality of life and economic growth, which also positively impacts on our housing market.”
Halter said his company is seeing many home-seekers from other regions looking at Greenville because of the combination of good affordability and quality of life. He cited as other attractions to buyers the strong business climate in the Upstate, and the central location between Charlotte and Atlanta.
In addition, Halter said, Greenville did not experience the highs of the pre-recession housing boom, and therefore current prices are “much closer to reality.”
“The jury is still out, but September look like it will be one of our better months of the year,” Halter said. “First-time home buyers are still trying to get that $8,000 tax credit.”
Other S.C. markets that were identified in the study include Charleston, Columbia and Myrtle Beach. Charleston’s average home cost is $338,726; Columbia’s is $191,075; and Myrtle Beach’s is $188,123.
The Coldwell Banker HPCI formula allows consumers to calculate what their home may be worth in another city and provides preliminary guidance for the affordability of housing from one market to another. Other markets nationally that compare to the average price of homes in Greenville include Las Vegas, Nev.; Modesto, Calif.; Albuquerque, N.M., and Boise, Idaho.
The HPCI study can be accessed at www.ColdwellBankerCaine.com.
