The South Carolina real estate market is on fire. Over the course of the year, home sales are up nearly 15%. In October, the median home price increased 14.5% from one year prior.
This comes as no surprise to real estate experts. South Carolina is a preferred destination for many reasons. Americans are flocking to the Palmetto State for its weather, beaches, and cost of living.
Read on for the ultimate guide to the South Carolina real estate market. Explore topics such as property investment and what makes South Carolina so desirable.
Population
South Carolina is growing at a rapid pace. Over the past decade, half a million people have made the Palmetto State their primary residence. This is a nearly 11% population spike and makes South Carolina the 10th fastest-growing state in the nation.
Much of the population growth is occurring near the coast. People want a house in close proximity to the Atlantic Ocean and South Carolina’s award-winning beaches. Horry County, which is home to Myrtle Beach, is one area seeing a rapid influx of new residents.
Besides the coasts, the suburbs due south of Charlotte, North Carolina, are also popular. This is an attractive destination for people looking for employment opportunities and close proximity to a city lifestyle.
Demographic Changes
Many seniors are retiring to South Carolina and driving the population growth. They are attracted by the warmer climate and low cost of living.
South Carolina has a significantly lower state and local tax burden than other states in the northeast. The Palmetto State is ranked in the top 10 best states to live in for taxes. On the other hand, northeastern states like New York and Connecticut rank #1 and #2 for the highest taxes in the country.
Hot Spots
Besides Horry County and the Charlotte suburbs, there are many other popular spots in South Carolina. The four-county area surrounding Charleston is one of the most popular. In September, this area accounted for 48% of all sales activity in the state.
The coastal communities of Hilton Head and Beaufort are also favorite spots of incoming residents. In fact, Hilton Head has the highest home values in the state with median prices rapidly approaching $400,000.
Property Investment Opportunities
Inventory is an obstacle for people that want to invest in South Carolina real estate. Currently, there is just 1.4 months’ worth of inventory in the state. This is down 42% from the same time last year.
Prices are also rising rapidly, a trend that is occurring nationwide. The lack of inventory and rising home prices present a challenge for property investors.
While these facts may discourage some, investors should focus on the long-term in South Carolina. The state is rapidly growing and should continue to do so with its built-in weather advantage and attractive tax code.
Your Guide to the South Carolina Real Estate Market
Clearly, South Carolina is a desirable place to live. Population growth metrics do not lie as people continue to flock to the Palmetto State.
There are many great places for property management such as Charleston, Hilton Head, and Beaufort. If you are considering property management in the South Carolina real estate market, contact us today to speak with a specialist.
