August confirms two different markets operating at once:

• Greater Greenville sales remain surprisingly resilient.
• Spartanburg is slowing much more noticeably.
• Mortgage rates have now risen three weeks in a row, increasing the pressure on payment-sensitive buyers.

August Upstate snapshot

Sources: Greater Greenville August report and Spartanburg August report. Reports were issued September 10.

The Western Upstate’s August association report was not yet publicly available through its normal report page, so its July figures should not be mixed into this August comparison.

The Greenville story

Greenville continues to outperform the softer national backdrop:

• Pending sales increased 2%, compared with a national August decline in pending inventory.
• Closed sales remained positive, and year-to-date closings are up 4.4%.
• Inventory is still rising, but its annual growth slowed from 12.6% in July to 8.5% in August.
• Months’ supply actually eased from 4.3 to 4.2.

That is not the profile of a market falling apart. It is the profile of an active but increasingly selective market.

The median price declined while the average increased substantially. This likely reflects a larger share of expensive homes closing rather than widespread appreciation. Sellers should not use that 4.5% average-price increase as permission to add 4.5% to their own value.

The Spartanburg warning

Spartanburg’s 60% increase in days on market is the standout number this month. Homes averaged 64 days before going under contract, compared with 40 last August.

Closed and pending sales also declined, and the median price was 2.4% lower. Affordability remains better than Greenville, with an index of 110 versus Greenville’s 100, but affordability alone is not producing faster sales.

For Spartanburg sellers, pricing and patience need to be addressed early—not after six weeks of silence.

Mortgage-rate context

The national average 30-year fixed rate reached 6.76% on September 10, up from 6.71% the previous week and 6.66% two weeks earlier. One year ago it was 6.35%. Freddie Mac

A $300,000, 30-year mortgage at 6.76% carries principal and interest of approximately $1,948 per month. That is roughly:

• $21 more per month than at 6.66%
• $150 more per month than at February’s 5.98% low

The weekly increase is small. The cumulative increase is what buyers feel.

Mortgage rates are national averages, not actual quotes. Credit, loan program, points and lender pricing can make a meaningful difference, making Kevin Dobbins’ side-by-side options especially valuable right now.

Price reductions and buyer behavior

The local reports do not publish a reduction-rate percentage. However, longer marketing times and more inventory tell us buyers can afford to be selective.

Nationally, August existing-home sales reportedly fell 2% to a 14-month low while inventory reached its highest level since late 2019. That national slowdown should be treated as context—not substituted for Greenville’s better local sales performance. Reuters housing report

No significant new South Carolina residential real estate regulation surfaced this week.

What this means

Greenville has more balance, but it still has demand. The winning properties are likely to be turnkey, correctly priced or compelling enough to justify their shortcomings.

Spartanburg requires a more cautious seller conversation. Sixty-four days on market and declining sales cannot be brushed aside as “normal.”

I’m Often Asked, “Is This a Good Time To Buy a House?”

My answer is an enthusiastic yes—if you’re financially ready and buying is right for your life. A good time to buy isn’t determined by one mortgage-rate headline or someone’s prediction about where prices may go next. It means you have stable income, a comfortable monthly payment that includes taxes and insurance, money left over after closing, and plans to stay long enough for homeownership to make sense—generally five years or more. Right now, Greenville buyers have something they haven’t always had: more homes to choose from, longer selling times and greater room to negotiate on price, repairs, closing costs or a rate buydown. Waiting for rates to fall may sound appealing, but lower rates could bring more buyers back into the market and increase competition—and there’s no guarantee that the house you want will cost less later. Homeownership also allows you to gradually build equity through principal payments and potential long-term appreciation, although appreciation is never guaranteed. So, I don’t believe in waiting for a mythical “perfect” market. If the payment works, your finances are solid and you find the right home, then yes—this can absolutely be a good time to buy.