Laurens County Real Estate Market Update
As the clouds start rolling in this morning over the beautiful city of Laurens, the local real estate market is showing some interesting trends in 2024. With partly cloudy skies expected to shift into some showers this afternoon, let’s take a closer look at what’s been happening in our housing scene as we move further into the year.
Current Weather and Its Relation to Real Estate
Today’s forecast predicts a high of 74°F with winds blowing at 10 to 20 mph. If you’re out and about, you might want to be ready for those unexpected showers later, with a 50% chance of rain. Tonight, expect a slight drop in temperature, dipping down to a low of 62°F with an increased 80% chance of rain. Rainfall could accumulate up to half an inch, but don’t let that dampen your spirits – the real estate market is buzzing!
A Look at Home Sales
According to data from the Greater Greenville Association of Realtors MLS, last year, Laurens County saw a total of 657 homes sold, with an average price tag of $271,500. Breaking it down, 40% of those were new homes while the remaining 60% were existing ones. Now let’s see how 2024 is shaping up!
Recently, Robby Templeton from Upstate Realty shared some updated numbers. As of last week, 478 homes have exchanged hands already, suggesting that 2024 might end with around 680 total sales. The average price? It’s creeping up slightly, landing around $275,000. It’s exciting to see a minor rise in the percentage of new homes sold, which currently stands at 46% compared to last year’s 40%. Templeton notes that homes are currently staying on the market a little longer, averaging 59 days before getting sold – that’s about 15% longer than last year.
Changing Buyer Preferences
What’s quite fascinating is the shift in buyer preferences. The most requested type of home right now is the three-bedroom setup, and there’s also a notable increase in requests for land or vacant lots. For those on the hunt for alternative living situations, interest in Camper/RV sites and Tiny Home developments is growing, too!
Financing and Interest Rates
On the financing front, mortgage lenders have seen more homeowners looking to refinance as interest rates have been on a decline. However, it’s important to note that these rates are still higher when compared to the ultra-low rates seen in 2022. The reality of higher interest rates has enabled some buyers to negotiate better deals with sellers, a refreshing change from the frenzied bidding wars of previous years.
The Need for Affordable Housing
One recurring theme in Laurens County is the ongoing need for modern, multi-family housing. However, the fair market rental rates necessary to support this kind of investment are often higher than what most residents can afford. Templeton suggests that tax credit apartment investments might be a beneficial alternative, allowing for more affordable rent options.
Looking Ahead
The City of Laurens is actively working to address these housing needs. They are in the process of developing an updated comprehensive plan and land use ordinance. This new plan, expected to be presented to the council soon, aims to better align the community’s housing demands with available resources.
Overall, the Laurens County real estate market is holding its own and showing signs of stability. Buyers, sellers, and investors alike can look forward to the possibility of more new home inventory popping up as we inch closer to 2025. Whether you’re eyeing a cozy new space or considering an investment, there’s plenty in store for Laurens County.
So, if the rain starts pouring this afternoon, just remember that skies might clear in more ways than one in the local real estate market!
