According to Realtor.com and as reported by senior real estate contributor Brenda Richardson of Forbes, three South Carolina cities rank in the top 10 out-of-state home buying search destinations in 2019 Q2. Richardson points to lower overall tax burdens, strong job opportunities, improved quality of life, and milder weather as key drivers of the trend.
Millennials and the Market
HBA of Greenville Executive Vice President and CEO Michael Dey predicts over 200,000 people will move to Greenville County in the next 20 years resulting in demand for at least 100,000 new homes. It’s not just baby boomers seeking homeownership either, as discussed at the HBA of South Carolina Annual Convention: Millennials are now the largest buyer segment in the market! They’re mostly buying re-sale homes but are increasingly pushing the market for new homes as well. Millenials have definite location preferences related to living in the city.
Millennials tend to value the community as an important amenity more than previous generations that might value in-home features more highly by comparison. If the neighborhood features common green space and walking areas, for example, this could be preferable to a private back yard and all the associated upkeep. Greenville has some of the best downtown outdoor vibes due to its multidimensional terrain, walkability, and the spectacle provided by the prominent Reedy River and Falls Park. These features are augmented through access provided by the Swamp Rabbit Trail, nearby parks, and several other top Greenville attractions.
Who is Moving to Greenville?
At Fairview Custom Homes, we see most of our clients coming from Florida, Illinois (Chicago), New York, Texas, and California and to a lesser extent, North and Mid-western states, Charlotte and Atlanta. What does that mean? Our experience directly mirrors the data, and we’re hearing a lot of the same things from our clients that are being reported nationally. About three-quarters of our customers are building primary residences with the others seeking a second home. Greenville now has three major metro areas among the top 10 moving destinations in the U.S.