The real estate market in the United States saw a massive boom during the COVID-19 pandemic. Whether it was from people suddenly needing a home office, deciding to move to a new city, or just needing more space, the market benefited. South Carolina was no different in this regard.
South Carolina has enjoyed consistent growth in both home sales and pricing appreciation since 2012. The combination of a mild climate, access to beaches and ports, a highly-skilled workforce, and a friendly business environment make it favorable for families, young professionals, and retirees alike. As the COVID-19 pandemic starts to wane, here are four real estate trends you can expect for South Carolina in 2022.
Trend #1: The Market Will Start to Cool
Unfortunately, the booming housing market in South Carolina can't stay hot forever. While the housing demand reached its peak in May 2022 with 46.2% of homes selling above list price, it has steadily dropped ever since. As of July 2022, only 35.7% of homes sold above list price.
There was also a large spike in homes that had price drops. The number rose from 7% of homes having price drops in January of 2022 to 24% in July, a 17% increase. This shows that the market is shifting more in the buyer's favor as it begins to cool.
Trend #2: Expect Greenville to Get Hot
Greenville, South Carolina, made Realtor.com's Top Housing Markets for 2022 list, coming in at #7. Greenville has seen a 5.7% increase in home prices and an 11.4% increase in home sales. It is a perfect place to live with its small town feel, proximity to numerous outdoor activities, and vibrant downtown. Another bonus is the booming local economy, which is home to both BMW and Michelin. You'll even keep more of your money with the area's low income and property taxes.
Trend #3: Median Sale Prices Will Continue Rising
Even though the housing market may be starting to cool down in South Carolina, that doesn't mean the strength of the market is decreasing. Over the last five years, home prices have seen a steady rise in their median values. You can trace them back to 2018 when homes in South Carolina averaged around $225,000. Fast forward to the summer of 2022, and prices have jumped to an average of $370,000. This 64% increase of nearly $150,000 brings the average cost of a home in South Carolina up to the national median average.
This price increase is due to a decrease in the number of homes available compared to the summer of 2021. Homes are selling an average of 60 days faster in 2022 compared to early 2021. The fewer of housing options available, the higher buyers need to pay to compete in a shorter amount of time.
Trend #4: Big Cities Will Grow Faster
This trend has been happening all over the country, and South Carolina is no exception to the rule. The big cities of South Carolina, which include Charleston, Columbia, and Mount Pleasant, will see more people moving back to them.
Cities are growing again because businesses are re-opening in the post-pandemic era. They are reducing their employees' remote working abilities and making them return to the office. South Carolina realtors expect these cities to grow even more as the pandemic ends and people go back to their normal lives.
Become an Agent in South Carolina Today
South Carolina is a perfect place to live, whether you are near the beaches and history of Charleston or the more nature-centric areas of Greenville. No matter where you choose to live, you can get yourself involved in this hot market by becoming a real estate agent. Sign up for classes to get your real estate license through AceableAgent.com today. You can learn everything you need to know to pass your license exam at your own pace entirely online.