We all know that most of the country has been hit hard by the recession and housing prices seem to have been one of the most effected by the recent downturn. As different cities saw housing prices increase at varying degree, we are also noticing that some cities are recovering better than others.
Liberty Bridge at Falls Park in Greenville, SC
Forbes magazine recently posted an article Best Bang for the Buck Cities. It ranked the top 100 metropolitan areas by housing prices, jobs, travel time, foreclosures and other key categories. Near the top of the list was Greenville, SC coming in at number 20. The Upstate has been a growing area for years, but it never saw the skyrocketing housing prices like other parts of the country. Instead the market has grown at a steady rate therefore, the surrounding areas did not experience the large decline that most of the country experienced.
There are several factors that have contributed to these mild market fluctuations. Interestingly, one of the main reasons is the prices of the auto industry in the Upstate. BMW is expanding their plant in Greer, SC and the Michelin headquarters are located there as well. Greenville is one of the few cities that have been helped by its dependence on the auto industry.
Additionally, but not discussed in the article, Greenville is seeing quite a bit of people relocating from other areas. They are moving from as close as North Carolina or Florida and as far away as California. They are choosing to move for various reasons including job transfer, family, a lower cost of living, or just looking for a great place to retire.
The end result of a moderate housing increase, a strong international presence, and a lower cost of living is that Greenville and the surrounding areas appear to be weathering the storm quite nicely with blues skies ahead.
To get more information about the area, contact Mike Cloys at mcloys@arcbuildersinc.com or 864-567-1648.
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