Sc Zillow (2024)

FAQs

Are housing prices going down in SC? ›

The South Carolina housing market isn't that competitive. The median home sales price in June 2024 has increased in the past 3 months to $390,200. That's up 2.4% and $9,100 higher than June 2023 of last year. That is higher than the national median home sales price of $442,525.

The combination of its geographic location, seasonal economy, ample housing inventory, economic diversity, lower property taxes, and relaxed zoning regulations all contribute to making real estate more affordable in this picturesque coastal city.

The median list price in South Carolina is $364,795 and the average price per square foot is $187.

South Carolina Housing Market Conditions

The current real estate market conditions in South Carolina are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

In most cases, building a house in South Carolina is cheaper if you own the land. You will bear only the cost of building the home. Plus, you can customize your home to your requirements!

While the cost of living is on average 4.9% lower in South Carolina than North Carolina, according to data from MyLifeElsewhere, look how much cost of living varies from city to city: Charlotte, NC: 1% lower than national average. Raleigh, NC: 4% lower than national average. Wilmington, NC: 4% lower than national ...

It's about 14% less expensive to live in South Carolina overall. This is due to more affordable housing and overall lower taxes. But North Carolina's property taxes are lower and healthcare-related expenses are too. Either way, both states are still pretty attractive when it comes to cost-of-living.

According to the Living Wage Calculator, a single person in South Carolina needs to earn approximately $16.73 per hour, or $34,806 annually, to meet their basic needs. For a family of four with one adult working, the living wage increases to $36.52 per hour or $75,964 annually.

South Carolina's major cities: Mount Pleasant, Charleston, and Greenville remain the best places to live in the state. Across its cities and towns, Niche.com picked out the best places to live in South Carolina, in which 9 out of the top 25 were from the Upstate, SC area.

What do mortgage lenders consider a poor credit score in South Carolina? The required credit scores for mortgages in South Carolina differ based on the type of loan. Conventional loans demand a score of 620, while government-backed loans are more lenient. However, a score below 500 makes mortgage approval difficult.

How much is a downpayment on a house in South Carolina? ›

Traditionally, South Carolina homebuyers have had to raise 10% to 20% of the total loan amount as down payment. But in today's real estate market that is not always the case. Depending on other factors like your credit score and type of loan, you can get a mortgage with as little as 3.5% down payment.

South Carolina is a good place to live if you're looking to save money. As of 2023, living in South Carolina costs 6% less than the national average. Expect to pay less on housing, transport, and healthcare, although utilities and groceries tend to hover around or slightly above the national average.

A sudden drop in homebuying demand can lead to a housing market crash. This can happen if a lot of would-be buyers lose their jobs during a recession, and are no longer able to afford to buy a house. If no one is buying houses, then home values plummet. Lower demand also typically occurs when mortgage rates are high.

According to Zillow, South Carolina home prices currently average at $293,893, up 4% year-over-year. Out of the 15 South Carolina metropolitan statistical areas Zillow examined in its latest forecast, the city of Seneca is predicted to have the biggest housing price increase at 3.9% by March 30, 2025.

Across South Carolina, there is a shortage of rental homes affordable and available to extremely low income households (ELI), whose incomes are at or below the poverty guideline or 30% of their area median income (AMI).

And you really saw rents skyrocket - double-digit increases because there just was not a lot out there. In some places, vacancy rates hit 1- and 2%. Then on the heels of that, there was high inflation and skyrocketing mortgage rates. So that meant a lot of people who wanted to buy a home got priced out.