South Carolina Housing Market Archives

Thinking about buying a home in South Carolina? The South Carolina housing market is evolving, transitioning from a highly competitive seller's market to a more balanced environment. While prices remain relatively strong, the increased inventory and decreased sales volume offer a more favorable climate for buyers.

This in-depth guide will explore the key aspects of the South Carolina housing market, giving you the information you need to navigate exciting, yet complex, market.

South Carolina Housing Market Trends: A Deep Dive

Home Sales

The number of homes sold in South Carolina paints a compelling picture of market activity. According to Redfin's September 2024 data, 5,658 homes were sold, marking an 8.7% decrease year-over-year. This slowdown suggests a cooling market, potentially driven by factors like rising interest rates and inflation.

However, it's important to look at this in context. A decrease doesn't automatically mean a “crash”; it's a shift towards a more balanced market after several years of intense competition.

Personally, I've observed this shift firsthand. While the frenetic pace of the previous few years has slowed, this also allows buyers to be more discerning and less rushed in their decision-making. This is a good thing for many buyers who found themselves outbid repeatedly before.

Home Prices

While the number of sales decreased, home prices in South Carolina held steady, demonstrating remarkable resilience in the face of fewer transactions. The median sale price sat at $375,400 in September 2024, a 2.3% increase year-over-year. This shows that even with fewer homes selling, existing inventory retains considerable value.

However, this growth wasn't uniform across the state. Some areas experienced significantly higher price growth. Let's take a look at some key areas:

Table 1: Top 10 South Carolina Metros with Fastest-Growing Sales Prices (September 2024)

Metro Area	Year-over-Year Price Growth (%)
Mount Pleasant, SC	20.6%
Aiken, SC	20.5%
Hilton Head Island, SC	16.6%
Greer, SC	15.6%
Lexington, SC	15.3%
Florence, SC	14.7%
Socastee, SC	14.6%
Carolina Forest, SC	11.6%
North Charleston, SC	11.6%
North Augusta, SC	10.4%

This table highlights the significant price appreciation in certain regions. Factors driving these increases may include strong local economies, desirable amenities, and limited housing supply. This variability underlines the importance of focusing on specific areas when assessing South Carolina real estate investment potential.

Housing Supply

The number of homes for sale in South Carolina in September 2024 was 31,038, a 16.9% increase year-over-year. This increase in inventory suggests a shift from the seller's market of recent years towards a more balanced market. The months of supply — a key indicator of market balance — increased to 4 months, from 3 months the previous year. Four months of supply generally suggests a balanced market, where neither buyers nor sellers have a significant advantage.

Table 2: South Carolina Housing Supply (September 2024)

Metric	Number	Year-over-Year Change (%)
Homes for Sale	31,038	+16.9%
Newly Listed Homes	6,951	-1.3%
Months of Supply	4	+1

This increase in supply is a welcome change for buyers, giving them more choices and potentially reducing the pressure to make rushed decisions. However, new listings are slightly down, indicating slower seller activity, possibly a result of continued high interest rates.

Market Trends

The interplay of sales, prices, and supply reveals key market trends:

Cooling Market: Fewer sales and a rising supply suggest a cooling market. The intense buyer competition of previous years is easing.
Stable Prices: Despite fewer sales, home prices remain relatively strong, indicating continued demand and value retention.
Increased Buyer Choice: More homes are available, giving buyers more options and less pressure to overpay.
Regional Variations: Price growth varies considerably across the state, highlighting the importance of local market analysis.
Shifting to a Balanced Market: The increased housing supply and reduced sales suggest a transition away from a seller's market toward a more balanced market.

Competition in the South Carolina Housing Market

In September 2024, 13.0% of homes sold above the asking price, down 4.9 percentage points from the previous year. This signifies a decline in bidding wars and a decrease in buyer competition, reinforcing the shift to a more balanced market. Conversely, 26.6% of homes experienced price reductions, a 2.3 percentage point increase year-over-year. This further underscores the changing dynamic; sellers might need to adjust their pricing strategies to find buyers in a less competitive environment.

Table 3: South Carolina Market Competition (September 2024)

Metric	Percentage	Year-over-Year Change
Homes Sold Above List Price	13.0%	-4.9 points
Homes with Price Drops	26.6%	+2.3 points
Sale-to-List Price Ratio	97.9%	-0.42 points

Migration Trends and Their Impact

Redfin's data reveals that South Carolina continues to be a popular destination for people relocating from other parts of the United States. This migration adds to the demand for housing, impacting pricing and competition levels, especially in specific areas. The top ten inbound metro areas highlight South Carolina's appeal as a relocation destination.

Table 4: Top 10 Areas People are Moving to (July-September 2024)

Rank	Metro Area	Net Inflow
1	Sacramento, CA	6,700
2	Myrtle Beach, SC	4,300
3	Salisbury, MD	4,200
4	Sarasota, FL	4,200
5	Portland, ME	4,100
6	Cape Coral, FL	3,900
7	Orlando, FL	3,800
8	Jacksonville, FL	3,000
9	Nashville, TN	2,900
10	Hilo, HI	2,700

Table 5: Top 10 Areas People are Moving from (July-September 2024)

Rank	Metro Area	Net Outflow
1	Los Angeles, CA	34,800
2	New York, NY	28,900
3	San Francisco, CA	23,800
4	Seattle, WA	17,900
5	Washington, DC	15,200
6	Chicago, IL	8,400
7	Philadelphia, PA	6,000
8	Boston, MA	5,200
9	Denver, CO	3,100
10	Dallas, TX	2,900

South Carolina Housing Market Forecast 2024-2025

The South Carolina housing market forecast is something you need to understand. Let's dive in and explore what the coming months and years might hold for this dynamic market.

As of late 2024, Zillow reports the average home value in South Carolina sits at $296,987, a 2.7% increase over the past year. Homes are spending, on average, about 26 days on the market before going pending.

This data, while positive, doesn't paint the whole picture. The market's behavior is complex and varies significantly by region. My years of experience in the South Carolina real estate market have taught me that understanding these regional differences is crucial for accurate predictions.

Regional Breakdown: A Deeper Dive into the South Carolina Housing Market Forecast

To truly understand the South Carolina housing market forecast, we need to look beyond statewide averages. The state's diverse geography and economy mean each area has its unique trends. I've analyzed data to give you a detailed forecast for key metropolitan statistical areas (MSAs). Remember that forecasts, like weather predictions, aren't perfect, but they give us valuable insights.

The following data reflects projected year-over-year percentage change in home values, based on analysis of recent market trends. It's essential to note that these are predictions, not guarantees. Economic shifts, unforeseen events, and localized factors can all influence the actual outcome.

Metropolitan Area	Oct 2024	Dec 2024	Sept 2025	My Take
Greenville, SC	-0.1%	-0.5%	1%	Greenville is known for its strong economy. While a slight dip is predicted in the short term, I anticipate a solid rebound driven by continued job growth.
Columbia, SC	0%	-0.5%	0.9%	Columbia's market often mirrors state trends. The slight dips are likely temporary corrections before returning to moderate growth.
Charleston, SC	-0.1%	-0.7%	1.1%	Charleston's coastal location and desirability contribute to its resilience. Despite the short-term predictions, the long-term outlook remains positive.
Myrtle Beach, SC	-0.2%	-1.1%	0.7%	Myrtle Beach's tourism-driven economy fluctuates more dramatically. The forecast shows a need to monitor the tourism numbers for a more precise outlook.
Spartanburg, SC	0%	-0.5%	1.5%	Similar to Greenville, Spartanburg benefits from a diversified economy and should recover quickly from any predicted dips.
Hilton Head Island, SC	0%	-0.5%	2.3%	Hilton Head Island's luxury market is somewhat insulated from broader economic shifts. It's expected to see stronger growth over the next year.
Florence, SC	0%	-0.3%	0.2%	Florence’s market is more susceptible to economic fluctuations, with modest gains anticipated but needing cautious monitoring.
Sumter, SC	-0.3%	-1.2%	-2%	Sumter faces the most significant predicted declines, suggesting the need for careful observation of local factors influencing the market.
Orangeburg, SC	-0.5%	-1%	-1.1%	Similar to Sumter, Orangeburg shows potential for declining home values requiring monitoring of local economic and population changes.
Seneca, SC	-0.2%	-0.6%	1.9%	Seneca might recover faster from anticipated small drops, reflecting a positive outlook for the area's economic development.
Greenwood, SC	-0.3%	-0.9%	0.2%	Greenwood's market shows slow, steady growth with minimal fluctuations, though watchful attention to local factors remains important.
Georgetown, SC	-0.1%	-0.6%	1.7%	Georgetown presents an intriguing market, expected to see moderate growth, though careful assessment of local economic factors is required.
Gaffney, SC	-0.4%	-1.8%	-3.3%	Gaffney's forecast indicates a period of significant declines, necessitating close observation of local economic trends and population dynamics.
Newberry, SC	-0.5%	-1%	-0.7%	Newberry exhibits a potentially volatile market, necessitating close monitoring of the local economic and population characteristics.
Bennettsville, SC	-1%	-3.8%	-7.1%	Bennettsville’s forecast reflects a period of substantial declines, necessitating detailed analysis of local market influences and population factors.

Will Home Prices Drop in South Carolina? Will There Be a Crash?

The short answer is: probably not a crash, but some areas might see price decreases. The forecasts above show potential declines in several MSAs, but these are relatively small percentages compared to the drastic drops seen in previous market corrections. Several factors are at play. Interest rates have been a major influencer. While rates have begun to stabilize, they remain higher than in recent years. This impacts affordability and slows buyer demand. However, South Carolina's relatively strong economy, compared to other regions, helps cushion the market from severe downturn.

The South Carolina Housing Market Forecast for 2026 and Beyond

Predicting the market this far out is difficult, even for an expert like myself. However, based on current trends and reasonable expectations, I anticipate a gradual recovery and stabilization in most areas by late 2026. Growth will likely remain moderate in most areas, and the high-demand coastal markets may continue to experience stronger appreciation.

Important Considerations for Buyers and Sellers

Location, location, location: The South Carolina housing market is not uniform. Your personal approach should be region-specific.
Interest rates: Keep a close eye on interest rates, as they significantly impact affordability.
Inventory levels: Monitor the supply of homes available in your area. Low inventory often leads to higher prices and competitive bidding.
Economic factors: Pay attention to broader economic trends, both nationally and locally.

The South Carolina housing market forecast suggests a period of adjustment, not necessarily a crisis. By staying informed and working with a knowledgeable real estate professional, buyers and sellers can navigate the market successfully. This detailed analysis will provide valuable guidance for your next steps. Remember, individual markets fluctuate, so ongoing monitoring is key. This is not financial advice. Consult a financial professional before making significant real estate investments.

Recommended Read:

South Carolina Housing Market: Trends & Forecast 2024-2025