The South Carolina housing market remains strong in 2022, thanks to a combination of high demand, limited supply, and continuously rising house prices. In June 2022, the typical home in the state of South Carolina was valued at $291,591. That’s a 26.7% increase year-over-year (YoY), and Zillow predicts the market will continue to rise over the next twelve months. The second quarter of 2023 will see higher home prices in South Carolina than the second quarter of the current year.

How is the South Carolina Housing Market in 2022?

From June 2021 to June 2022, new listings were up 18.4%. 8,560 new listings were added in June but still, the average months of supply are 2 months, the same as last year, according to Redfin.

• In June 2022, home prices in South Carolina were up 18.4% compared to last year, selling for a median price of $372,800.

• There were 7,523 homes sold in June this year, down from 8,817 homes sold in June last year.

• The median days on the market were 39 days, down by 10 days year over year.

• 42.4% of homes in South Carolina sold above list price, up 1.9 points year over year.

• There were only 21.2% of homes that had price drops, up from 7.0% of homes in June last year.

• There was a 100.7% sale-to-list price, up 0.2 points year over year.

• If the ratio is above 100%, the home sold for more than the list price.

Are South Carolina Rent Prices Going Up?

Prospective buyers are not the only ones feeling the heat in this property market; renters have also been scorched. Statewide the average rent price has grown by 84.62% year-over-year in June. The median rent for all bedrooms and all property types in South Carolina is $1,800. The median rent price has increased by $261 compared to the previous year, according to Zillow Rentals Data. Rent in South Carolina is 18% lower than the national median.

• The median rent price in South Carolina for August 2022 is $1,800 based on 3,637 rentals available in South Carolina.

• This is $261 more than August 2021 and $10 more than July 2022.

• The median rent in South Carolina is $400 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 June 2022, home prices in South Carolina rose 18.4% annually. Simultaneously, the number of homes sold decreased by 8.7%, while the number of properties for sale decreased by 8.7%. 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 June 2022, the number of properties for sale in the state increased by 63.82% year-over-year. The current number of active listings in South Carolina is 13,912, a rise from 8,492 active listings that were added in June 2021, according to Realtor.com's monthly data.

South Carolina added 12,400 jobs in May 2022 according to the CES survey while the broader CPS employment measure rose by 9,435 CES employment in June 2022 for South Carolina is at a new high of 2,214,300 while CPS employment in South Carolina for June 2022 is at a new high of 2,326,257. 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.

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

Source: FRED

Real Estate Market Statistics in South Carolina & MSA Forecast for 2023

Zillow Home Value Index$291,591Home Value Change YoY+26.7%Average Rent Price Change YoY+84.62%Available Housing Inventory For Sale13,912Is South Carolina a Buyer’s or Seller’s MarketSeller’s MarketGreenville MSA One Year Home Values Forecast+9.7% by June 2023Columbia MSA One Year Home Values Forecast+8.4% by June 2023Charleston MSA One Year Home Values Forecast+9.7% by June 2023Myrtle Beach MSA One Year Home Values Forecast+10.6% by June 2023Spartanburg MSA One Year Home Values Forecast+10.7% by June 2023

 

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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/