Upstate real estate market cools as rising rates, inflation squeeze buyers

GREENVILLE, S.C. (FOX Carolina) – Economic pressures and rising interest rates are cooling the real estate market across Upstate South Carolina, leaving homes on the market longer despite steady new construction and remodeling projects.

New market data shows an increase in available housing inventory, but buyers are taking longer to close deals. Financial experts note that inflation at the gas pump and grocery stores is making it difficult for prospective buyers to save for substantial down payments.

Rising interest rates have also significantly reduced purchasing power.

“Some buyers can’t afford now what they could have afforded three years ago because interest rates have gone up,” said April Osborne, of All Star Real Estate. “It makes a difference.”

Despite these challenges, local housing experts say homeownership remains achievable. They recommend that buyers prioritize their budgets, compare mortgage rates, and partner with a trusted real estate agent to navigate the changing market.

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