South Carolina Housing Market Trends - September 2024

Welcome to the South Carolina Housing Market Report for September 2024. In this report, we’ll cover the most important market shifts, including changes in home prices, sales, and inventory across the state.

1. Home Listings and Inventory

The South Carolina housing market saw a significant increase in inventory, with a 12.9% rise in active listings compared to September 2023. There were 53,008 homes available on the market in September 2024, offering buyers more options and easing some of the supply pressures.

Despite this increase, the state remains in a seller's market with 4.41 months of inventory, which is still below the balanced market threshold of six months.

2. Home Sales Decline

Home sales across South Carolina have decreased by 10.1%, with 6,730 homes sold in September 2024 compared to 7,489 homes sold in September 2023. This decline in sales reflects ongoing cooling of the market as economic factors and mortgage rates impact buyer demand.

3. Median Sales Price Increase

The median sales price for homes in South Carolina rose to $332,500, which is a 0.8% increase from the same period last year. While the growth rate has slowed, certain regions like Hilton Head and Greater Columbia continue to show stronger price appreciation.

4. Days on Market

Homes are taking longer to sell, with the average days on market (DOM) rising by 19.4%. In September 2024, homes spent an average of 74 days on the market, compared to 62 days in September 2023.

5. Regional Highlights

• Charleston Trident: The area saw a 10.7% decrease in home sales with 1,233 homes sold. However, the median price remains strong at $410,000.
• Greater Greenville: Home sales decreased by 2.4% with 1,297 homes sold. The median price declined slightly to $309,000, a 3.4% drop.
• Hilton Head Area: The luxury market showed price growth with the median sales price at $545,000, up 4.8% from the previous year. However, sales declined by 16.7%.
• Greater Columbia: This market remained stable with a 0.2% decrease in sales, but prices rose to $274,198, reflecting a 5.5% increase.

Conclusion

The South Carolina housing market in September 2024 saw increased inventory and steady price growth, despite a notable decline in sales. Sellers still benefit from rising prices, but homes are staying on the market longer, signaling a shift in buyer behavior. For more detailed market analysis and insights, visit the SC Realtors Market Data.

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