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South Carolina housing market

The South Carolina housing market isn’t that competitive. The median home sales price in October 2024 has decreased in the past 3 months to $380,900. That’s up 2% and $7,500 higher than October 2023 of last year. That is higher than the national median home sales price of $436,480. Homes typically sell after 69 days on market, which is slower than the national average and higher than 57 days in October 2023 a year prior.

Housing market overview for

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Trended Median Home Values

How much do homes in South Carolina cost?

The median home price in South Carolina was $380,900 in October 2024, up 2% from last year.

October's median sale price
$381K
Caret UpUp $7.5K and 2% since Oct 2023
Trended Homes Inventory

How many homes are available in South Carolina?

The real estate market in South Carolina had 23,194 homes for sale in October and is down from 24190 homes for sale the month prior and up from 19,786 homes in October 2023.

Homes for sale in October
23,194
Caret UpUp 3408 and 17.2% since Oct 2023
Trended Homes Sold

How many homes are sold in South Carolina?

There were 5883 homes sold in October 2024, trending up from 5614 homes sold a year ago.

Homes sold in October
5,883
Caret UpUp 269 and 4.8% since Oct 2023
Trended Median Days on Market

How long does it take to sell a home in South Carolina?

Homes in South Carolina are staying on the market for 69 days. That’s 12 days slower than the median in October 2023, which means that the market is less competitive today.

Median days on market in October
69
Caret UpUp 12 and 21.1% since Oct 2023

Is it a buyer’s or seller’s market in South Carolina?

It is considered a seller’s market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7%, making the average house payment $2,570, which is $1.5K higher than a year before.

Total months of housing supply available for sale is 3.9 months, up 11.4% from 3.5 month(s) in October 2023.

Months of Supply

The Months of Supply housing metric is an estimate of how long it would take to sell all the homes for sale relative to the number of homes sold each month. Historically, 5 to 6 months is the average. You may also hear this metric referred to as the "absorption rate."

Lower months of housing supply typically signal a seller’s market whereas when months of supply is greater than 6 months typically signal a buyer’s market.

Sales to Listing Ratio

Sales to Listing Ratios are an indicator of supply and demand. It is all the completed sales in the past month divided by the total number of active listings.

In a balanced real estate market, the total number of home sales to active listings ratio is between 0.12 and 0.2 while markets with a ratio higher than 0.2 favors seller’s, as homes are selling fast and there is limited inventory, while markets below 0.12 favor home buyers because there is a larger supply of homes to purchase.

Selling a house in South Carolina

Home values have increased by 2.9% since last year, and the number of days it takes to sell a home has increased from 58 days in October 2023 to 69 days in October 2024.

The best time to sell your home in South Carolina is in November, when homes sell fastest and for the most money.

Sellers typically pay the commission of both the listing and buyer’s agents, which typically total 5-6% of the home sale price. That’s $22,854 paid in commission to the real estate agents. You’d also need to factor in closing costs, plus other fees and your mortgage payoff amount, to calculate the net proceeds from your home sale.

Buying a house in South Carolina

Homes in South Carolina have a median price of $380,900, which means you’ll need $38,090 for a 10% down payment. Housing costs have increased 2.9% in the past year. When you’re several months out and have your down payment saved, make sure to get pre-approved for a mortgage and find a real estate agent.

Home values are only one part of the home affordability equation. When buying a house in South Carolina, don’t forget to also account for closing costs, which are typically 3-4% of the home cost. In addition to a down payment of $38,090 you should have $15,236 as well as budget for cash reserves, moving expenses and ongoing homeownership costs for home maintenance and repairs or HOA fees.

South Carolina home values are 1.3% more expensive than North Carolina and 14.6% cheaper than the national median home value.

How does the South Carolina real estate market compare to other markets?

The South Carolina real estate market has a median sale price of $380,900, which is 14.6% lower than the national median sale price of $436,480. Compare other markets or nearby cities, as they can vary significantly.

South Carolina
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North Carolina
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National
Median home saleMedian home saleMedian home sale
$380,900$376,100$436,480
Days on marketDays on marketDays on market
694641.5535354956258
Monthly house payment
Monthly house payment
Monthly house payment
$2,570$2,579$2,605
Cost to buy a house
Cost to buy a house
Cost to buy a house
$53,326$52,654$61,107
Cost to sell a house
Cost to sell a house
Cost to sell a house
$26,663$26,327$30,554

Take the next step in South Carolina: Find an agent

Navigating the South Carolina housing market can be tricky, but you don’t have to go it alone. When you're ready to learn more, reach out to a local South Carolina real estate agent to get the process started. We recommend interviewing multiple candidates and coming prepared with a list of all your questions.

South Carolina housing market FAQs

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