Should You Invest In The South Carolina Real Estate Market?

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.

\

Greenville

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.

\

Spartanburg

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

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?

If you need to sell your South Carolina home, we got you covered.

Sell My House Fast GSAP is a trusted business that buys properties for cash. We’re a trusted business that specializes in helping homeowners like yourself find solutions to their problems. You can sell your house to us for all kinds of reasons, whether you’re facing foreclosure, can’t sell your house, or just need to sell for any reason.

Get a cash offer for your home today. Call us at (864) 428-9197.

Need to sell your South Carolina House Fast For Cash?

Enter your information below to received your fast cash offer!

Recent Blog Post

The Many Ways You Can Sell Your Home Fast In Pickens, SC

The Many Ways You Can Sell Your Home Fast In Pickens, SC

The average home in South Carolina takes 92 days to sell: 57 days to get an offer, and then 35 days to close. This is slightly higher than the national average of 70 days (25 days in the market and 45 days to close). For many homeowners listing their property on the...

Cut The Waiting Time: How To Sell Your Greenville Home Fast

Cut The Waiting Time: How To Sell Your Greenville Home Fast

While the actual number can vary depending on a number of factors, the average home in the United States takes around 70 days to sell. For states like South Carolina, however, the average time is much longer at 89 days – 54 days to receive an offer and 35 days to...