South Carolina real estate market cooling off after busy summer
COLUMBIA, S.C. (September 20, 2021) -- South Carolina REALTORS® (SCR) today released its statewide real estate market reports. The reports reveal that the market is beginning to slightly cool off following a hotter than normal summer. 9,670 homes sold across South Carolina in August, a 0.2% drop compared to this time last year when 9,686 homes were sold.
“The market is cooling down a little bit, but this is a typical trend following a busy summer when families are typically in a hurry to move before the school year begins,” said Morris Lyles, SCR 2021 president and Realtor® at ERA Wilder in Columbia.
Inventory fell by almost 42%, along with pending sales at 12% and days on market at 50%. Currently, there is 1.4 months’ worth of inventory in South Carolina, down almost 42% from a year ago. NAR reports nationwide inventory increased slightly over the summer. But even with renewed interest, it’s still down overall nationwide by almost 20%.
Of the homes sold throughout the state, the coastal areas had a slight decline in sales while Aiken saw the biggest increase at 12% compared to this time last year.
“I believe Aiken is attractive to many buyers because it has the warmth of a small town with a metropolitan feel. In our area, we have first-time home buyers, families who are trading in a starter home for something larger and many investors as well. The equestrian and luxury market is also thriving,” said Julie Whitesell, SCR parliamentarian and broker in charge of Meybohm in Aiken.
Statewide median sales price increased by almost 13% to $285,000. In 2020, the median sales price was $252,000.
Up-to-date and archived reports are available at screaltors.org/marketreports.