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South Carolina Housing Market Trends & Predictions

February 13, 2024

South Carolina Housing Market Trends & Predictions

Investing in a property is a big step, whether buying or building a home. With much to consider, like the housing market, mortgage rates, return on investment and inflation, making an informed decision when finding or developing your dream home is essential. More than that, you want to ensure you choose the right location.

South Carolina offers a prosperous housing market and booming economy, making it an ideal area for buying or building your new home. To help you decide about investing in the South Carolina home market, we've compiled current trends and expert real estate marketing predictions for 2024. Check out our housing market forecast for South Carolina here.

What Are the Current Trends in South Carolina's Real Estate Market?

Understanding patterns in the South Carolina housing market is one of the best ways to evaluate your investment opportunities and challenges when building or buying a home. Some current trends in South Carolina's housing market include increased home values, competitive markets and low inventories:

Decreased Home Prices

Are home prices dropping in South Carolina? As of November 2023, South Carolina's median home price is down by 7.1% at $360,800 from the national average price of $387,600. This decrease is primarily due to increased sales opportunities and more available listings.

Increased Sales

While home sales decreased by 23% in 2022, they stabilized at 6% in 2023. It's only expected that these figures will continue to grow and stabilize in 2024, especially if inflation rates continue to decline.

Competitive Market

The growing South Carolina population increases housing demand, making the estate market more competitive — South Carolina is the fastest-growing state in the United States tied with Florida, as of December 2023. This competition can mean increased offers on listings and quick home sales.

Low Supply

While buyers face a lower housing supply in the current housing market in South Carolina, the housing shortage is not unique to the state. Housing inventories are down across the U.S., making buyers compete for homes nationwide.

Homes With Office Spaces

The popularity and increase in remote and hybrid work in recent years make homes with flexible office space more attractive for homeowners. Work-from-home office space can also be an excellent advantage for sellers putting their homes on the market.

South Carolina Housing Market Predictions for 2024

While home prices are rising due to inventory shortages and high demand, the housing market in South Carolina forecasts a promising outlook for buyers and sellers. Here are some South Carolina real estate projections for 2024:

1. Decreased Home Sales

With a decrease in pending home sales by 8.6% in 2023, it appears many homeowners who may be interested in moving are holding back. Instead of paying more to live elsewhere, homeowners are staying put so they can continue paying less expensive pandemic-era mortgages.

2. Stabilized Mortgage Rates

While increased mortgage rates in 2023 saw homeowners sidelined, in 2024, these rates are set to stabilize. With a decline in mortgage rates in 2023, it's possible that these figures will come down further in the coming year or at least stabilize, offering attractive mortgage options and an opportunity for buyers.

3. New Listings

If you put off buying a home in 2023 due to the competitive real estate market, you might consider revisiting this decision in 2024. The end of 2023 saw home listings in South Carolina go up by 8.3% compared to 2022, offering a promising outlook for 2024.

4. Increased Number of Homebuyers 

This year could be an ideal time to buy a new or first home in South Carolina. Decreasing inflation rates and mortgage stabilization can provide excellent opportunities for house hunters and increase home sales.

5. More Home Construction

In 2024, it might be the perfect time to find your dream home. With increased home construction in 2023, more and more new homes could be up for sale this year. Newly renovated or constructed homes can mean finding a modern home to your specifications.

More Home Construction

6. Housing Market Growth in Popular Cities

Popular cities like Charleston continue to flourish in 2024. Job stability and quality of life contribute to this area's high housing demand. Homeowners in Charleston could benefit from a growing interest in the area, making it an excellent opportunity to sell.

FAQs About the South Carolina Housing Market

Here are some answers to frequently asked questions about South Carolina's housing market:

How Is the Real Estate Market in South Carolina?

The South Carolina housing market is growing, with many opportunities for buyers and sellers. While home sales decreased in 2022, the housing market is starting to stabilize. With little signs of an increase in inflation, the real estate market in South Carolina could make a successful recovery, making it an ideal time to invest in the region.

What Are South Carolina Home Prices?

As of late 2023, the average median home price in South Carolina is $360,800.

What's the Cost of Living in South Carolina?

South Carolina's cost of living is 6% lower than the national average.

Is South Carolina a Good Place to Buy Property?

The real estate market will likely stay strong in South Carolina thanks to numerous job opportunities, a lower cost of living than the national average and various attractive, flourishing communities.

How Competitive Is South Carolina’s Housing Market?

While South Carolina's housing market is increasingly competitive due to high housing demands and low inventories, an increase in home listings could mean more available inventory.

Is It a Buyer's or Seller's Market in South Carolina?

The increase in housing demand and population growth make South Carolina an excellent seller's market. However, buyers can benefit from increased sales and more available housing options in 2024. More available listings could give buyers numerous housing choices, decreasing market competition.

Where Is the Hottest Real Estate Market in South Carolina?

As of 2023, Coastal Carolinas is one of the most in-demand real estate markets in South Carolina, making up 35.4% of the condo market share.

Invest in South Carolina's Housing Market With SK Builders

With a favorable housing market outlook, the time for finding or building your new home in South Carolina has never been better. At SK Builders, we'd love to help you! With decades of industry experience, we can help you navigate the real estate market and make informed decisions when buying or building your dream home in South Carolina.

Browse our home inventory or discover how we can build a spectacular home on your lot today. Have questions about the process of working with us? Contact us to learn more about our building and real estate services.

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