SC has one of 10 strongest housing markets in US, new CNBC report says. Where it ranks and why
Consumers in the market for a home in the U.S. can get more bang for their buck in South Carolina than nearly all other states, a recent CNBC report shows.
The U.S. housing market has struggled overall this past year. The COVID-19 pandemic, followed by spikes in federal interest rates, have left many homebuyers and sellers in turmoil.
National Association of Realtors data shows that national home sales rose 0.2% in June from the previous month, but were down 20.4% compared to the same month last year. Also, new listings were down 17.3% in June.
CNBC, the nationwide business and finance news organization, conducts annual reports on housing markets across the U.S. To determine which states have the healthiest housing markets, CNBC considered multiple factors including price appreciation, housing starts, foreclosure rates, and affordability.
This year, South Carolina ranked second for strongest housing market among the states. Only Florida ranked higher. Here is what CNBC had to say about South Carolina’s high ranking.
“Homeowners in the Palmetto State enjoyed solid price appreciation going into 2023. But prices in South Carolina are still affordable, especially relative to the rest of the region. It helps that homebuilders are meeting the moment with strong activity. But rising foreclosures bear watching.”
Below are the scores South Carolina earned in the CNBC report to get its second strongest housing market ranking.
- 2023 Economy Rank: No. 7 (Top States grade: B+)
- Appreciation: 13%
- Affordability score: 0.68
- Starts per 1,000 population: 8.8
- Foreclosure rate: 1 in 2,691 homes
- Underwater mortgages: 3%
10 strongest U.S. housing markets in 2023
1. Florida
2. South Carolina
3. Maine
4. North Carolina
5. Georgia (tie)
5. Indiana (tie)
5. New Jersey (tie)
5. Ohio (tie)
5. Wisconsin (tie)
10. Alabama
