South Carolina housing market

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 7.2%, making the average house payment $2,634, which is $374 higher than a year before.

Total months of housing supply available for sale is 3.4 months, up 36% from 2.5 month(s) in May 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 5.1% since last year, and the number of days it takes to sell a home has increased from 56 days in May 2023 to 62 days in May 2024.

The best time to sell your home in South Carolina is in July, 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 $23,286 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 $388,100, which means you’ll need $38,810 for a 10% down payment. Housing costs have increased 5.1% 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 the down payment of $38,810 you should have $15,524 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 0.9% more expensive than North Carolina and 13.3% cheaper than the state median home value.

South Carolina housing market FAQs

• Are South Carolina home prices dropping or rising?

  Home prices in South Carolina are rising overall. Median home prices are up 5.1% since May 2023 and up 27.5% in the past 3 years.

• Is South Carolina a seller’s market in May 2024?

  The South Carolina housing market is a seller’s market. Homes in South Carolina stayed on the market for 62 days in May 2024.

• Is South Carolina a buyer’s market in May 2024?

  The South Carolina housing market is is not a buyer’s market, it’s considered a seller’s market. Homes in South Carolina stayed on the market for 62 days in May 2024, slower than 55 days a year prior.

• When is the best time to buy a house in South Carolina?

  The best time to buy a house in South Carolina is in January when homes sell for 97.6% of the list price.

• When is the best time to sell a house in South Carolina?

  The best time to sell a house in South Carolina is in July when homes sell for 98.4% of the list price and go pending in 51 days.