[ad_1]
Median home prices in South Carolina continued to spike in June, with four markets surpassing $400,000.
The unusually high prices for the state continues a rising trend underway for the last couple of years as inventory has been unable to meet demand.
“It’s pretty historic that we’re hitting these numbers,” said Morris Lyles of ERA Wilder and past president of SC Realtors. “We continue to see demand for South Carolina.”
According to the latest data from SC Realtors, out of the state’s 16 housing markets, Hilton Head, Beaufort, Charleston Trident and Piedmont Regional all had median sales prices beyond $400,000 in June. The median sales price is the midpoint of all prices — where half the homes sold for more and half sold for less.
Hilton Head had the highest median sales price at $514,846. It also had the biggest jump in median price at 28.7% from a year ago.
The cheapest of the four was Beaufort at $401,900, up from $318,845 a year prior.
Lyles said despite continuously rising prices, people continue to move into the state and buy homes.
“We’re seeing a lot of first-time buyers, people are relocating to South Carolina,” Lyles said. “We’re still seeing multiple offers on single properties.”
Lyles added that rent prices could be driving more people to buy homes, given that rent has also continued to rise and in many places, including Columbia, is more expensive than an average home mortgage.
Meanwhile, though home prices have shown no signs of dropping, there have been recent indications the state’s housing market as a whole has begun cooling.
The state had a 13.5% decline in June home sales year over year. Of the 16 housing markets in South Carolina, all but four had double digit drops in sales. Industry experts have attributed the lower sales to skyrocketing prices and interest rates, along with low inventory.
Lyles said that at some point, prices should start to drop too.
“Although, we’re not seeing that yet in the numbers,” he said. “It is a crazy market for sure, or a dynamic market, I should say.”
Below are the median sales prices for all South Carolina housing markets in June.
This story was originally published July 19, 2022 5:00 AM.
Patrick McCreless is the service journalism editor for The State, where he and a team of reporters write about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.
[ad_2]
Source link