Home prices skyrocket in SC by double digits. Here’s where it’s the worst for buyers
Home prices jumped by double digits in all but one South Carolina housing market in May, continuing a trend of rising costs for buyers.
Some housing industry experts say increasing demand has spurred ever growing home prices in the Palmetto State over the past year. Still, there are some signs that demand and skyrocketing prices might be beginning to wane.
According to the latest South Carolina Realtors statistics, the Greenwood housing market, at 33.3%, had the biggest year-over-year median price increase in May. The median price in the market was $240,000, up from $180,000 a year earlier.
Despite not having as big of a price increase at 20.7%, the Hilton Head area was still the most expensive place in the state to buy a home, with a median price of $495,000 in May.
The Greater Columbia area saw a $20% increase and a median price of $270,000 in May.
The housing market with the smallest increase and the only one not to jump by double digits, was Pee Dee at 5.3% in May. It was also the place in the state to buy the relatively cheapest home, with a median price of $199,900 in May.
But though home prices across South Carolina have risen for the last two years, that could soon change. A National Association of Realtors report states there are signs the housing market might be cooling.
The high prices themselves, along with rising mortgage interest rates, have begun to slow buyer activity. Home sales declined for the third consecutive month due to soaring homeownership costs.
“Existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices,” the report states.
Here is a list of the median home price increase for every South Carolina housing market year-over-year in May.
- Aiken: $230,949 (2021) | $280,013 (2022) | 21.2%
- Beaufort: $316,019 (2021) | $370,000 (2022) | 17.1%
- Central Carolina: $164,000 (2021) | $192,000 (2022) | 17.1%
- Charleston Trident: $335,000 (2021) | $410,000 (2022) | 22.4%
- Cherokee County: $171,990 (2021) | $225,000 (2022) | 30.8%
- Coastal Carolinas: $239,900 (2021) | $315,500 (2022) | 31.5%
- Greater Augusta: $243,000 (2021) | $273,450 (2022) | 12.5%
- Greater Columbia: $225,000 (2021) | $270,000 (2022) | 20%
- Greater Greenville: $263,000 (2021) | $315,245 (2022) | 19.9%
- Greenwood: $180,000 (2021) | $240,000 (2022) | 33.3%
- Hilton Head area: $410,000 (2021) | $495,000 (2022) | 20.7%
- Pee Dee: $189,850 (2021) | $199,900 (2022) | 5.3%
- Piedmont Regional: $320,000 (2021) | $380,980 (2022) | 19.1%
- Spartanburg: $218,320 (2021) | $260,000 (2022) | 19.1%
- Sumter/Clarendon County: $184,950 (2021) | $239,900 (2022) | 29.7%
- Western Upstate: $235,000 (2021) | $280,000 (2022) | 19.1%
This story was originally published June 20, 2022 at 5:00 AM.
