Greenville, South Carolina, wants to be the next Portland, Oregon, aka the capital of the cool and artsy.
The southern town began attracting artists in 2005, with the introduction of an annual, three-day festival called Artisphere. The arrival of well-established artists in the former milltown coincided with a gradual growth in real estate prices, with the average price of homes sold since 2015 increasing by 21 percent, the Wall Street Journal reported. According to the Greater Greenville Multiple Listing Service, the number of homes with a price tag of at least $1 million has tripled during that time.
But home prices haven’t reached the levels seen in cities like Boston and San Francisco. The most expensive house currently listed is a five-bedroom, 12,558-square-foot mansion for $6.75 million. Still, a lack of inventory has also led to frequent bidding wars. According to the local MLS, 36 percent of all homes on the market are either new or haven’t been built yet.
“Agents are trying to keep listings in-house in their own offices before others hear about them,” said Lisa DeLuca Alexander, owner of Del-co Realty Group. “Buyers have to come in over asking [price].” [WSJ] — Kathryn Brenzel