Market Update: South Carolina Real Estate Trends Q1 2022
South Carolina real estate market trends have been fairly constant throughout 2020 and 2021. Market trends through the first quarter of 2022 have followed a similar pattern. South Carolina continues to be a hot market for sellers. South Carolina is the third-most-popular destination for new movers, and Charleston, especially, is among the nation’s hottest real estate markets.
The National Association of Realtors predicted that Charleston would be one of the top 10 markets in a post-COVID environment, and this has certainly proven true. The Charleston real estate market keeps breaking records, with other SC municipalities following closely behind.
First Quarter SC Real Estate Market Trends
While everything about market trends cannot be discerned through numbers and statistics alone, they do reveal solid data. The first quarter (JAN-MAR) of 2022 was extremely positive, according to the numbers.
- Median Home Sale Price - $320,000 (+16.8% over 2021)
- Median Home Value Index - $268,500 (+24% over 2021)
- SC Homes for Sale - 17,122 (-22.7% from 2021)
- SC Homes that Sold above List Price - 36.4% (+13.5% over 2021)
- Median Days on the Market - 47 (-26 from 2021)
Observations on SC Market Trends
The latest data from the U.S. Census Bureau shows that Charleston and the Charleston Metro area grew with double-digit rates over the past decade. Charleston posted 25% growth, while Charleston County hit 16.6%. Berkeley County reached a respectable 29%. Most other South Carolina real estate markets were not far behind.
The same data showed Greenville as one of the top 10 housing markets positioned for growth this year. Realtor.com expects housing prices to increase by 5.7% and sales to grow by 11.4% in 2022. Myrtle Beach home prices have risen 17.8% over the first quarter of 2021.
The increasing population trend is driven by rising area incomes, better economic opportunities, a desire for better climatic conditions, and the appealing low country culture. Home prices and values are rising because of increased demand and a lower supply. Plus, with construction still slowed by supply chain issues and higher material costs, existing homes will be in even greater demand.
The numbers also show that a significant percentage of homes sell for more than the original listing price, which often signals multiple buyers making offers and bidding higher to secure the home they want most. This can also account for the lower number of days most homes remain on the market before going under contract.
Real estate market analysts predict that the SC housing market will cool slightly, as prospective buyers wait longer for prices to improve. Homes may spend more time on the market as a key indicator of this trend. However, this predicted trend has not materialized in any measurable form by the end of March 2022.
Sell Your Home in South Carolina with Jeff Cook Real Estate
Now is the time to sell your home in South Carolina. Your current home value is appreciatively higher than just one year ago, and favorable interest rates still make it affordable for more buyers. If you’ve been considering breaking up with your old house, the market trends are in tune with sellers.
The sellers market remains strong all across South Carolina, especially in the low country. Jeff Cook Real Estate has numerous programs and ways to help sellers get the most out of their SC homes, and faster than with other routes. We have buyers currently looking for the perfect home, so contact us today to sell your home in South Carolina.