A brief overview
Finding your next investment property or looking for a home? We’ve got the lowdown on what the South Carolina housing market predictions for 2022 look like. Find out whether the state will continue on its upwards streak or come crashing down as the year draws to a close.
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The housing market in South Carolina has been robust for the last decade, and while the pandemic has caused its fair share of problems, the housing market in this state remains strong. With a significant population and an increase in home prices, the market in South Carolina is truly bustling.
For those who are looking at investing in real estate in South Carolina in 2022 or 2023, or those who are thinking about moving to this area, we take a detailed look at the housing market predictions for South Carolina for 2022.
South Carolina home prices
Overview of South Carolina housing prices
Home prices in South Carolina hit one of the biggest highs of the last few decades initially in 2008, where prices reached just under $350,000. Since then, prices took a small dip and began another incline in 2014 where they continued to rise over $500,000 in 2021. The effects of the pandemic led to a surge in prices from 2020 and over 2021, however prices have since come down to a more palatable $371,900.
Are home prices dropping in South Carolina?
Currently, home prices in South Carolina remain robust, and local data from the state does not suggest that a crash will be imminent. Amid concerns about the housing market across the country, this state continues to indicate that even when prices are cooling, they are still on the up. Home prices in South Carolina rose by 18.4% in June 2022, in comparison to June 2021. Even though the number of homes being sold declined by 8.7%.
There has been no major decline or crash in South Carolina home prices, and it continues to be a sellers’ market. The number of active listings in June 2022 was significantly higher than June 2021, according to Realtor.com. While supply may be increasing, prices continue to be high. In fact, rent prices are also on the up, with an 84.62% year-over-year increase in June 2022.
South Carolina housing market statistics
Median Sales Price
$371,900
Days on Market (Average)
41 Days
Housing Affordability Index
73
Total Home Sales
6,199 (June)
Population Size In State Name
5.2million
Median Household Income
$53,199
Mortgage Rates (30-Year Fixed)
5.59%
Unemployment Rate
3.2%
South Carolina is one of the smallest states in the country, however, the population is 5.2million which makes it one of the most densely populated states. For every square mile in South Carolina, there is an average of 153.9 people.
The median household income for South Carolina is $53,199 for 2022, which is lower than the median household income in the US for 2020 which was $67,521. The highest paid households in the US can be found in Northeast and West Coast areas. South Carolina’s median household income is significantly lower than Maryland, which is the highest in the country at $94,384.
South Carolina scores 73 on the housing affordability index for July 2022. The housing affordability in the state has been on the decline since 2013, where it peaked at around 180. So, the state has gone from much higher levels of affordability to a lower level.
There were 7,578 home sales in South Carolina in June 2022 and 6,199 in July 2022, which was a decline of 19.4% in the number of homes sold compared to that same time period last year. The number of homes listed on the market also fell by 7.1% year-over-year.
Homes that are listed on the market in South Carolina are typically spending about 41 days on the market. This is a decrease of 6 days, in comparison to the same time period last year. There were 23,740 residential homes for sale in South Carolina in July 2022.
The median price of a home in the US is currently $362,200. Home prices have been on the upward trend for the majority of the last 10 years in South Carolina and they are currently sitting just above average at a median sales price of $371,900.
Mortgage rates in South Carolina are currently 5.59% for a 30-year fixed mortgage, and 4.86% for a 15-year fixed mortgage. The national average is currently sitting at 5.46% for a 30-year fixed mortgage and 4.86% for a 15-year fixed mortgage.
The unemployment rate in South Carolina is just 3.2%, as of June 2022. This means that there are 78,000 people who are unemployed, out of a total population of 5.2million. As of August 2022, there were 15,000 unemployment claims across the state.
*Data resources listed at the end of the article
Predictions for South Carolina housing market in 2022
Is South Carolina a hot real estate market?
Home values have increased by 27.1% year-over-year and Zillow has made predictions that the housing market in South Carolina will continue to gain strength over the next year. Real estate professionals are predicting that the second quarter of 2023 is when home prices will begin to increase further, across the state of South Carolina.
The market is likely to cool slightly in the near term, as per the experts’ predictions, due to buyers waiting for home prices to improve a little more. However, it’s not likely to decline or crash and instead should continue to be a strong housing market.
Is it a good time to buy a house in SC?
South Carolina is showing positive home price growth between last year and this year, which means that home values are on the up. As home values increase, so it makes sense to purchase a home that could be worth a significant amount more, just a year or 2 from now.
The robust job market in South Carolina leads to an increase in the population, which in turn leads to a higher demand for houses. The higher the housing demand, the more the real estate market will be booming. Currently, the lower supply is due to slower construction and supply chain issues, amongst other factors. This, combined with the increase demand means that existing homes will be sought after.
Where to find affordable housing in South Carolina
Investors who are looking for more affordable properties have a few places to choose from. Here are some of the most affordable housing markets in the state:
Parker
The average median home price in Parker is $101,300, which is noticeably lower than the state average. Parker is one of the most affordable places to live in South Carolina and is situated a little West of Greenville. Parker offers easy access to North Carolina for residents to reach the mountains in a short drive. The cost of living in Parker is lower than many other places in South Carolina and with low home prices, this makes Parker a desirable place for those looking for an affordable place.
Conway
Conway is located on the border of the Waccamaw National Wildlife Refuge, which is ideal for those who love the outdoors. The median home price in Conway is $209,800, which is lower than the state average and offers investors an opportunity to invest in an affordable area and rent to college students. Conway has a large number of college students who provide a target market for rental property investors.
Batesburg-Leesville
This area was voted as the cheapest place to live in South Carolina in 2022 and offers residents an affordable lifestyle that’s hard to beat. With a population of just 5,504, Batesburg-Leesville offers residents a small-town life with five-star dining and upmarket shopping. It’s known as one of the safest and most peaceful towns in South Carolina for those looking for a quieter place to reside.
Hottest housing markets in South Carolina
Some of the most bustling housing markets in South Carolina may surprise you. Here are the hottest housing markets in 2022 in this state:
Greenville
According to Realtor.com, Greenville is listed as one of the top 10 housing markets poised for growth in 2022. House prices in Greenville are expected to increase by 5.7%, with sales predicted to increase by 11.4% this year. The average median price for homes in Greenville is $345,000 as of June 2022, which was a 16.9% jump upwards from the same time last year.
Greenville offers residents small-town lifestyle, with good weather and low property and income taxes. The cost of living is lower here, and the quality of life is great, attracting over 920,000 residents to the metropolitan area. The demand for real estate in this town is high thanks to the diverse economy and big city vibe. The median household income is $57,432, and the per capita income in Greenville is $31,577.
Charleston
Charleston and the surrounding metro grew by 25% over the last decade. The median sales price is $490,000 in Charleston and the median days on the market for houses is 40. This is 4 days less than the number of days on the market in 2021. Home prices have risen by 16.1% in comparison to the same time last year.
On the RedFin competitive score, Charleston is rated 54, and it indicates that some homes get multiple offers, and the average home will sell for about 1% higher than it’s listing price. The homes in highest demand can sell for 4% above their listed price.
Charleston offers residents a culturally rich lifestyle, with award-winning dining. It’s a city with a slower pace of life, and southern hospitality preserved in the plethora of historical buildings and cobblestone walkways.
Myrtle Beach
The average time for homes on the market in Myrtle Beach is 60 days, and homes are selling for a median price of $310,000. The median sales price in this area has increased by 37.8% year-over-year, and while there were 580 homes sold in Myrle Beach in July 2021, this year there were 403 homes sold, showing the decline in the market along with the rest of the country. That being said, the market in this area has been one of the country’s most popular housing markets and could continue to be popular post-pandemic.
Myrtle beach is on the coast of South Carolina and is known for its 60-mile stretch of beaches, and top-notch golf courses. The area boasts multiple attractions, and has become a hub for golfing, spring break and people who are looking for a vacation spot.
The bottom line
South Carolina, much like many other areas in the US, has been impacted by the pandemic as seen through its housing market performance. However, real estate in this state remains robust and the future looks bright for the various housing markets in South Carolina. From affordable properties to upmarket homes, South Carolina offers residents and investors a range of housing markets to choose from, with a rich Southern charm.