Emerging trends in real estate indicate the buyer’s market is long gone and inventory is creeping back on a national level. When it comes to real estate trends in South Carolina, it’s all about the particular town or city. Throughout most of the state, people are regaining equity in their home they lost during the housing decline.
Let's take a look at a few trends in different cities in the great state of South Carolina.
A real estate market update by the National Association of Realtors indicates the current median home price is $118,300 compared to $191,567 for the U.S. In the past 3 years, homes in Spartanburg have appreciated by 9.5 percent compared to 21.3 percent for the nation. Meanwhile, people in Spartanburg had a $10,300 equity gain in the past 3 years compared to $33,633 for the U.S. According to the National Association of Realtors, the gains in recent years have pulled the Spartanburg real estate market out of the post-recession price weakness.
The National Association of Realtors reports that home prices continue to rise in the Charleston area where the median home price is $229,200. Charleston homes in the past 3 years have appreciated by 24.9 percent, giving homeowners $45,700 back in home equity. The Charleston area, with amenities and public transportation, has benefited from the shift back to urban areas.
The local housing report for Columbia by the National Association of Realtors reveals a modest 3-year home appreciation of just 3.2 percent and a $4,400 gain in home equity. The median home price in Columbia is $139,900. According to the report, home prices in Columbia are up from last year but are still stagnant.
Prices are down compared to last year in Florence, S.C. with the median home price at $107,400. Home owners there actually lost $200 in home equity as the negative appreciation was at 0.2 percent in three years. Florence is a mid-sized city with a population of about 37,000 and 14 parks and recreation areas. A downtown farmer’s market and festivals as well as downtown revitalization efforts may draw new residents.