The South Carolina housing market remains strong with a double-digit gain in home prices. In December last year, the typical home in the state of South Carolina was valued at $301,659. That’s a 17.3% increase year-over-year (YoY). South Carolina home prices may continue to rise over the next twelve months at a very modest pace. The third quarter of 2023 will see higher home prices in South Carolina than the third quarter of the last year.
The metro forecast data released by Zillow in December last year showed that out of 15 metros in South Carolina, 7 are projected to see home price gains between November 2022 to November 2023. In Charleston, SC, home prices are projected to remain flat. The remaining 12 metros are expected to see a drop in home prices in the range of 0.1 to 3.8%.
How is the South Carolina Housing Market?
In December 2022, there were 21,273 homes for sale in South Carolina, down 2.2% year over year, according to Redfin. The number of newly listed homes was 3,606 and down 28.1% year over year. The average months of supply are 3 months, up 1 year over year.
- In December 2022, home prices in South Carolina were up 11.4% compared to last year, selling for a median price of $370,500.
- On average, the number of homes sold was down 34.9% year over year and there were 4,967 homes sold in December this year, down from 7,630 homes sold in December last year.
- The median days on the market was 63 days, up 10 days year over year.
- 15.2 of homes in South Carolina sold above the list price.
- There were only 21.2% of homes that had price drops.
- The sale-to-list price was 97.8%.
- If the ratio is above 100%, the home sold for more than the list price.
Are South Carolina Rent Prices Going Up?
According to Zillow, the South Carolina rental market is cooling off, based on changes in renter demand compared to the national average. It has a decreasing demand. Statewide the average rent price has grown by 6.94% year-over-year in January 2023. The median rent for all bedrooms and all property types in South Carolina is $1,818. The median rent price has increased by $83 compared to the previous year, according to Zillow Rentals Data. Rent in South Carolina is 13% lower than the national median.
- The median rent price in South Carolina for January 2023 is $1,818 based on 4462 rentals available in South Carolina.
- This is $83 more than January 2021 and $23 more than December 2022.
- The median rent in South Carolina is $277 less than the national median.
Will The South Carolina Housing Market Crash?
We continue to hear rumors of a market crash, but local data does not corroborate this at this time. Even if minor, the monthly figures indicate that the market has begun to cool. In December 2022, home prices in South Carolina rose 11.4% annually. Simultaneously, the number of homes sold decreased by 34.9%, while the number of properties for sale decreased by 2.2%. There aren’t enough homes for sale to meet buyer demand.
Bottom line: We’re not seeing any major home price decline or crash in the South Carolina housing market just yet. The present supply of homes in South Carolina still favors sellers. In December 2022, the number of properties for sale in the state increased by 2.2% year-over-year. The current number of active listings in South Carolina is 16,358, a rise from 9547 active listings that were added at the same time last in 2021, according to Realtor.com’s monthly data.
The economy of South Carolina was ranked the 25th largest in the United States based on the gross domestic product in 2020. Tourism, centered around Myrtle Beach, Charleston, and Hilton Head Island, is the state’s largest industry. According to the South Carolina Department of Employment and Workforce, more than 100,000 jobs are open across South Carolina, while the state’s unemployment rate remains historically low at 3.3%.
Employment: The seasonally adjusted, monthly survey of households estimated the number of South Carolinians working decreased to 2,302,601.
- That is a decrease of 5,296 people over the October estimate.
- That is an increase of 16,652 people over the November 2021 estimate.
Unemployment: The estimate of unemployed people decreased to 78,153.
- That is a decrease of 406 people from October’s estimate and a decrease of 7,014 over the November 2021 estimate.
- The state’s seasonally adjusted unemployment rate was unchanged at 3.3 percent from October’s estimate.
- Nationally, the unemployment rate was unchanged at 3.7 percent from October’s estimate, according to the Current Population Survey.
Labor force: The state’s estimated labor force (people working plus unemployed people looking for work) decreased to 2,380,754 from October’s level of 2,386,456.
- That is a decrease of 5,702 people over the October estimate.
- That is an increase of 9,638 individuals over the November 2021 estimate.
Read About: Charleston SC Housing Market Trends
In 2023, South Carolina is predicted to remain a top-ranked state and relocation destination. The flood of new inhabitants will increase competition and limit housing availability, making South Carolina real estate even tighter. South Carolina is a fantastic place to live or retire due to its pleasant temperature and low total cost of living. According to a Retirement Living poll, South Carolina is the fourth best state in which to retire. South Carolina boasts a reduced cost of living and several lovely beaches that are warm almost all year.
South Carolina Housing Supply Graph
Real Estate Market Statistics in South Carolina & MSA Forecast for 2023
The South Carolina metro-level forecast by Zillow for 2023 shows that Myrtle Beach MSA is expected to see the highest gain of 2.8% in home values. Columbia, NC is expected to see the lowest gain of 0.3% in home values. Home prices will decline the most in Bennettsville MSA (-3.8%) and the least in Gaffney (-0.5%).
| South Carolina Housing Statistics | Value |
|---|---|
| Zillow Home Value Index | $301,659 |
| Home Value Change YoY | +17.3% |
| Average Rent Price Change YoY | +7% |
| Available Housing Inventory For Sale | 16,358 (Nov 2022) |
| Is South Carolina a Buyer’s or Seller’s Market | Seller’s Market |
| Greenville MSA One Year Home Values Forecast | +1.2% by Nov 2023 |
| Columbia MSA One Year Home Values Forecast | +0.3% by Nov 2023 |
| Charleston MSA One Year Home Values Forecast | +0% by Nov 2023 |
| Myrtle Beach MSA One Year Home Values Forecast | +2.8% by Nov 2023 |
| Spartanburg MSA One Year Home Values Forecast | +1.6% by Nov 2023 |
Data Sources:
- https://www.zillow.com/research/data/
- https://www.zillow.com/sc/home-values/
- https://www.zillow.com/rental-manager/market-trends/sc/
- https://fred.stlouisfed.org/series/ACTLISCOUSC#
- https://www.redfin.com/state/South-Carolina/housing-market
- https://www.rent.com/research/average-rent-price-report/
- https://celadonliving.com/pros-cons-living-in-south-carolina/