The 2021 US housing market has proven difficult to navigate for any homebuyer, novice or experienced.
With price increases, growing competition, and low supply of homes in 2021, many homebuyers were (and still are) paying top dollar, all whilst mortgage rates were near historic lows. Although the housing market is still hot, there are signs that it’s about to cool off, with inventory beginning to “meaningfully improve.”
But what does the South Carolina real estate market look like? What are some of the most important trends in its real estate market? Where are the best cities in South Carolina to buy a rental property? Read more if you’re planning on investing in SC real estate.
South Carolina Real Estate Market: An Overview
South Carolina’s housing market in 2021 is characterized by its two most important trends: profitability and affordability. The median property price in the state ranges from $144,615, which is lower than the national average of $296,000. For both traditional and Airbnb real estate investing, its rental income and return on investment are very high. These two factors play a large role in determining the success of a real estate market.
Real estate experts reported that buyers and sellers are better off tapping into the SC housing market in 2021. South Carolina REALTORS® (SCR) reported a 36% increase in housing sales statewide, as sales continued to rise. Houses have also spent less time on the market, selling after 48 days as opposed to 72 days last year.
Best Cities In the SC Real Estate Market
Next, we’ll discuss where to invest in real estate in South Carolina. We highly recommend investing in the cities of Greenville, Spartanburg, Anderson, and Pickles.
With its location right on the edge of the Blue Ridge Mountains, Greenville is one of the largest cities in South Carolina. It remains a relatively affordable housing market despite its significant population growth. As a result of the affordability and the jobs offered in the region, migration to the city is expected to continue for a number of years to come. Therefore, it is an ideal location for real estate investors.
The housing market in Greenville is one of the most affordable in the country. At roughly $250,000, the median home price has risen nearly 10% over the past year, but it is still more than $100,000 below the national average. This is due to the affordability of housing in Sun Belt cities like Greenville.
Situated in “The Upstate, South Carolina,” Spartanburg is accessible to and from other metropolitan areas. Many people move to the area because of the ‘small town feel.’ Spartanburg is laid back, friendly, walkable, community-oriented, and surrounded by nature. The city is a great place to live, work, and raise a family.
Spartanburg’s housing market is robust. The interest rate ranges between 2.75% and 3.25%. Homeowners are refinancing their homes and shaving several hundred dollars off their monthly payments. There is practically no inventory under $150,000 and homes under $400,000 are selling quickly.
Anderson is a charming city with over 26,000 residents. Due to its diversity and proximity to major cities like Greenville and Lake Hartwell, it’s a popular destination for residents of all ages. With its close-knit community that is always excited to welcome new residents and visitors, it has been nicknamed “The Friendliest City in South Carolina.”
In Anderson, which has over 26,000 people and a median home price of $150,325, house prices are well below the national average. Approximately half of all housing units in the city are single-family detached homes. Homes in Anderson sell on average after 35 days on the market, compared to 49 days last year.
Planning To Invest In the Real Estate Market?
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