Here are 7 of the most affordable homes near downtown Columbia. None are under $150K
Affordable can be relative.
The housing market near downtown Columbia remains a seller’s market, and while there are homes available that real estate agencies have list as affordable, what that means for the average buyer has changed in recent months as prices and demand have risen while inventory has shrunk. What is currently considered affordable has squeezed many traditional homebuyers out of the market, some real estate agents say.
For instance, seven of the most affordable homes for sale near downtown Columbia are $150,000 and up — with most being $200,000 and higher.
“People who a few years ago were just rock solid first-time homebuyers who maybe have a little saved and have great credit scores, those people are really being shut out of the market,” said Jill Moylan, CEO and broker for Home Advantage Realty in Columbia.
According to the latest housing statistics from South Carolina Realtors, the median sales price for homes in the greater Columbia area was $250,000 in February, a 19.2% jump from a year ago. And yet during February, 1,001 homes were sold in greater Columbia, down 3.7% from the 1,039 sold a year earlier.
“Locally, it’s still extremely low inventory that I haven’t seen in 20 years,” said Karen Yip, broker and owner of Yip Premier Real Estate in Columbia. “People are making offers sight unseen.”
One home on the market is at 4745 Crystal Drive. The $299,000 home with three bedrooms and three bathrooms was recently renovated and has a new roof, windows and stainless steel appliances. The house sits on 0.36 acres with easy access to the interstate.
This cheaper home near downtown Columbia at 3427 Hazelhurst Road is listed at $150,000. It includes two bedrooms and two baths and sits on approximately 0.46 acres.
Moylan said large investment firms are a big reason why many buyers are being priced out of the Columbia housing market.
“There are so many cash buyers — property investors who are buying homes to rent and lease out … it’s really making life miserable for people trying to buy new houses,” Moylan said. “South Carolina is the number two state in the nation for inbound moves right now.”
Yip also said there has been an influx of out-of-town investors buying homes to rent to the many college students and military personnel in the area.
“It’s squeezing people out of the market,” Yip said. “I have a young military family who in the past, it wouldn’t be hard to find a home for, but now … it’s hard for a seller to turn down a cash offer because they don’t have to worry about an appraisal.”
Meanwhile, the Federal Reserve recently raised interest rates for the first time since 2018 to start slowing rising inflation nationwide by curbing demand. The Fed is expected to raise interest rates several more times this year, which in turn could help ease housing price hikes and demand in Columbia.
“I think this will last through the end of the year,” Yip said of the area’s hot housing market. “As we continue to grow, rising interest rates will mitigate values.”
Below are five more relatively affordable homes for sale near downtown Columbia as of Saturday.
- 3240 Whitehall Road: This home listed at $280,000 has a spacious formal room and beautiful hardwood floors. The home has three bedrooms and two bathrooms, a fenced back yard with a patio area and a detached carport.
- 4712 Reamer Ave.: This three-bedroom, two-bathroom home has an asking price of $239,999. At 1,427 square feet, the house features a living room with a large brick fireplace, a kitchen with an exposed brick wall and new hardwood floors installed in 2020.
- 3218 Harrison Road: Asking price is $229,000 for this painted brick home with three bedrooms and two bathrooms. The 1,810 square-foot home features a large family room with a fireplace and a front living room with almost wall-to-wall windows.
- 615 Laurel Hill Lane: This three-bedroom, two-bathroom house is listed at $200,000. The house features a front porch and a deck. Inside, there’s new interior paint, including cabinets and the trim along with refinished tub and shower units.
- 607 Summerhill Drive: Asking price is $184,000 for this three-bedroom, two-bathroom ranch home. The home has high ceilings in the family room and a large workshop /garage in the back yard.
This story was originally published March 28, 2022 at 8:52 AM.
