SC home values skyrocketing the most in these housing markets. Here’s why
Three South Carolina housing markets have had among the best gains in home value in the U.S. lately, new statistics show.
According to the latest report from Redfin, Greenville, Charleston and Columbia were among the top 10 housing markets in the U.S. with the biggest home value gains in June.
The total worth of U.S. homes rose to a record $46.8 trillion in June, as home shortages propped up housing values. U.S. home value increased 0.4% in June, year over year.
“Today’s housing market is unique because home values are at a record high even though demand is sluggish, Redfin states. “Despite lukewarm demand, there aren’t enough homes to go around because so few homeowners are selling. This imbalance between supply and demand is keeping values afloat.”
Markets with biggest home value gains in June year over year
- Little Rock, AR: 8.8%
- Camden, NJ: 8.7%
- Milwaukee, WI: 8.5%
- Wilmington, DE: 8.5%
- Bridgeport, CT: 8.3%
- Greenville, SC: 7.8%
- Hartford, CT: 7.6%
- Charleston, SC: 7.2%
- Greensboro, NC: 7.2%
- Columbia, SC: 7.1%
Why SC homes saw big value gains
Home values in the above South Carolina markets did not overheat as much as in places like Phoenix and San Francisco during the COVID-19 pandemic, meaning they have room to grow, Redfin states. In a majority of the 10 markets with biggest home value gains, the average home still sells for below the national median of $426,056.
According to latest South Carolina Realtors statistics, the median price for a home in the state was $333,000 in July.
Having prices under the national median is likely supporting homebuyer demand because fewer people have been priced out, Redfin states.
