10 SC places where home prices are growing fastest in 2024. None are Charleston or Greenville
Buying a home in South Carolina this year hasn’t been a cheap endeavor.
Overall, it’s actually gotten more expensive throughout 2024. According to the latest data from Redfin, home prices in South Carolina were up 3.7% year-over-year in August — with homes selling for a median price of $381,600.
But while prices have jumped overall in the state, some metro areas have had far bigger increases than others. Redfin data has ranked the 10 South Carolina metro areas with the fastest growing sales prices for the year, as of August. Notably, popular cities like Greenville and Charleston have not had prices rise enough to make the ranking.
Here’s a look at the 10 South Carolina metro areas with the fastest rising home sales prices year-over-year, according to Redfin.
10 SC metro areas with fastest rising prices
1. Clemson
- Price jump — 67%
- Aug. median sales price — $593,000
2. Lancaster
- Price jump —33.3%
- Aug. median sales price — $290,000
3. Spartanburg
- Price jump — 22.5%
- Aug. median sales price — $245,000
4. Boiling Springs
- Price jump — 18.9%
- Aug. median sales price — $319,000
5. Taylors
- Price jump — 16.7%
- Aug. median sales price — $350,000
6. Sumter
- Price jump — 16%
- Aug. median sales price — $246,000
7. Easley
- Price jump — 13.9%
- Aug. median sales price — $333,000
8. Bluffton
- Price jump — 11.3%
- Aug. median sales price — $595,000
9. Anderson
- Price jump — 10.6%
- Aug. median sales price — $260,000
10. St. Andrews
- Price jump — 8.3%
- Aug. median sales price — $195,000
August changes in housing market
According to South Carolina Realtors, despite rising prices, new U.S. home sales in August rose to the highest level since May 2023, following three consecutive months of declines. Sales of new single-family homes jumped 10.6% month-over-month to a seasonally adjusted rate of 739,000 units.
For South Carolina, pending sales were down 1.6% overall between September 2023 and August, South Carolina Realtors states. The $150,001 to $250,000 price range tended to sell the quickest at 56 days. The $500,001 to $750,000 price range tended to sell the slowest.
Why SC prices have risen
A combination of heavy demand, lower inventory and high mortgage interest rates has all contributed to the rise in home prices in South Carolina. The state has been among the top fastest growing by population for years, U.S. Census data shows. More demand and fewer houses means higher prices.
There has been some good news on the home prices front recently though.
The Federal Reserve on Wednesday cut its benchmark interest rate by a rather large half-percentage point to between 4.75 and 5%. This could help lower mortgage rates, making homes more affordable across the U.S.
