S.C. home prices up to $182,100

by Ashley Heffernan

The number of homes sold in South Carolina last month jumped 9.3% to 7,674, and the median price increased 5.1% to $182,100, compared with May 2015, according to a monthly report from the S.C. Association of Realtors.

Nearly 1,700 of those homes were in the Charleston Trident area, which reported the most sales in May. By contrast, 19 homes sold in the Southern Midlands region, the report said.

The most expensive homes in the state were found in the Hilton Head Island area, where the median price was $297,500; the least expensive homes were sold for $73,500 in the Southern Midlands, according to the report.

New listings last month increased 5% to 10,714, and pending sales decreased 2.4% to 7,038, since May 2015. The average number of days on the market dropped from 110 last year to 99 in May, and the inventory of homes decreased 6.6% to 36,880 residential units, the report said.

“Although inventory is lacking, wages are increasing and mortgage rates remain low, so we continue to see a sturdy housing market,” association CEO Nick Kremydas said in the report.

Residential real estate data for S.C. regions


Location

Aiken

Beaufort

Charleston Trident

Cherokee County

Coastal Carolinas

Greater Columbia

Greater Greenville

Greenwood

Hilton Head Area

North Augusta

Pee Dee

Piedmont Regional

Southern Midlands

Spartanburg

Sumter/Clarendon County

Western Upstate

State totals

Sales
May ’15

179

186

1,470

38

1,170

1,063

1,127

87

388

677

175

304

24

417

115

405

7,022

Sales
May ’16

202

182

1,696

50

1,129

1,209

1,227

90

438

631

204

279

19

427

123

475

7,674

%
change

+12.8%

-2.2%

+15.4%

+31.6%

-3.5%

+13.7%

+8.9%

+3.4%

+12.9%

-6.8%

+16.6%

-8.2%

-20.8%

+2.4%

+7.0%

+17.3%

+9.3%

Median
May ’15

$157,500

$161,850

$235,000

$65,000

$160,000

$155,520

$170,750

$125,000

$278,415

$164,046

$132,965

$149,950

$103,000

$128,900

$138,500

$149,900

$173,240

Median
May ’16

$153,450

$178,000

$244,305

$117,750

$158,620

$163,450

$186,000

$130,000

$297,500

$172,500

$132,600

$164,250

$73,500

$139,900

$135,000

$151,686

$182,100

%
change

-2.6%

+10.0%

+4.0%

+81.2%

-0.9%

+5.1%

+8.9%

+4.0%

+6.9%

+5.2%

-0.3%

+9.5%

-28.6%

+8.5%

-2.5%

+1.2%

+5.1%

Source: S.C. Association of Realtors

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Ashley Heffernan

Staff Writer
Ashley Heffernan covers residential real estate, higher education, health care, hospitality, tourism, retail, financial services and the city of North Charleston for the Charleston Regional Business Journal. Reach her at 843-849-3144 or via email.