If you have been thinking about moving and investing in real estate, we think that South Carolina is the perfect place for that. South Carolina has been a very popular moving destination lately. A lot of people have started to move there for plenty of reasons but that is a topic for another time. Here is where we are going to talk about the real estate trends in SC. There are a few of them and if you would like to know more about them, you came to the right place. We examined and researched the real estate market in South Carolina and this is where you can read more about what we found out.
What exactly are real estate trends?
You have probably heard before of the term “real estate trends” but you wouldn’t be the first one who doesn’t know what does it exactly mean. A real estate trend is a consistent pattern or change in the direction of the real estate industry. In this case, the direction of the real estate industry in South Carolina. Over the course of time, it can cause a statistically noticeable change. This can be a result of the economy, a change in mortgage rates, consumer speculations, or other reasons.
Home prices in South Carolina
One of the real estate trends we have to mention is the home prices in South Carolina. People track these prices so they know when is the best time to buy a home. And the median home value in South Carolina is $188,000. This is a very reasonable price to pay. You must have in mind that South Carolina home values have gone up 3.9% over the past year and they are only going to continue to grow. Home prices in South Carolina have been constantly growing since 2014. But even though the prices are going up, this is still a very affordable state to live in. It is one of the reasons Californians have been selling Californian properties and moving to SC.
But this is the overall median home value. The median home value of the homes currently listed for sale on the market is much higher and it sits at around $250,000. This is still not a very high price to pay for a home. If you find this price to be high, you better either start thinking about relocating to a cheaper state or just go with it. As we mentioned, the prices will only continue to grow. This means that the prices you see now will be much higher in a few months. It is best to invest right away if you really want to live in South Carolina. Undergrads Moving SC can help you relocate after you purchase your new home.
Renting, owning, or vacant homes
Another real estate trend is focused on the percentage of homes that are rented or owned. Because this is a coastal state, there is a lot of vacant homes as well. Our research and statistics show that most people in South Carolina own their homes. 66,7% of people who live in South Carolina are owners of their homes. 33,3% of people are renters meaning they pay rent for their home. These are mostly the people who live in Columbia. There is a lot of vacant homes, 16,1%.
Real estate trends based on housing details
Housing details are very important when you are purchasing a home. We tracked what exactly are people searching for the most and what is available on the real estate market in South Carolina. We found out that 51,6% of the homes in South Carolina were built between 1970. and 1999. 25% of the homes were built after the year 2000. Most homes that are owned come from the last century. The newer ones are mostly rented and vacant homes.
There are plenty of different types of homes available in South Carolina. But the most common type is single-family homes. 62,7% of the homes in South Carolina are single-family homes. The next most common type of home is mobile homes. There is around 16,6% of them in South Carolina. And there is just 12,7% of apartment complexes. This means that if you are looking to purchase a home, you’ll most likely purchase a single-family home.
Where are people buying homes?
Another real estate trend worth mentioning is the location. Not all of South Carolina is where people move. People mostly move to and purchase homes in Columbia and the nearby area. This is because Columbia is not expensive at all. It is very big and it has a lot to offer so many people opt for living there. Columbia is where you will be able to find most of the apartment complexes in the state. A lot of young people move to these homes.
Clemson is a very popular moving destination because of Clemson University. It is a small city located in the northwestern part of the state. It has a lot of nature which is also why a lot of young people with children have been moving there. Clemson is a peaceful town with a lot of retirees. Homes here are also very cheap but the quality of life is amazing. Making your Clemson relocation fast is an easy task, the same wayfinding a nice home in Clemson is an easy task.
There are plenty of other real estate trends in SC to talk about but these are the most important ones. Have these things in mind if you are planning to purchase a home in South Carolina. Even though homes aren’t very expensive in South Carolina, they are old and you might have to make some home renovation investments after you purchase the home.