August 2022 to August 2023
Hey there, Columbia! It’s that time again – time for your annual real estate market check-in. Whether you’re a homeowner, prospective buyer, or just curious about the local real estate scene, the RMF Realty Team has got you covered. Buckle up because we’ve got some interesting insights to share about the Columbia, South Carolina housing market over the past year.
Still a Seller’s Market at 37%
As of August 2023, Columbia remains a seller’s market, with sellers enjoying a comfortable 37% market share. This percentage suggests that demand still outpaces supply, giving sellers a slight upper hand in negotiations. So, if you’ve been thinking about selling your home, now might be an excellent time to capitalize on this seller-friendly market.
Supply Takes a 13.1% Dip
One of the standout trends from this past year is the decrease in housing supply. The Columbia market witnessed a 13.1% reduction in available homes. This scarcity of housing options is contributing to the continued seller’s market, as buyers compete for the limited available properties.
Sales Activity Slips by 35.6%
Despite the strong seller’s market, sales activity experienced a notable decline of 35.6%. While this might seem like a significant drop, it’s essential to remember that the pandemic-induced real estate frenzy of 2021 set exceptionally high standards. This decrease indicates a gradual return to a more balanced market.
Median Home Sales Price Rises by 3.8%
Homeowners will be pleased to hear that the median home sales price in Columbia has increased by 3.8%. This growth demonstrates that property values are holding strong in the area, potentially offering homeowners a profitable return on their investment.
Average Home Sales Price: $353,700
The average home sales price in Columbia now stands at $353,700. Keep in mind that this is an average, so properties are available at various price points across the city. With the potential for price appreciation, this market could continue to be attractive for buyers.
Homes Stay on the Market Longer
One of the most notable shifts is the increase in the average days on market, which has gone up by 22.3%. Homes are staying listed for a more extended period, which gives buyers more time to consider their options and make informed decisions.
Your Columbia Real Estate Opportunity Awaits!
Are you considering a move in the Columbia area? Whether you’re thinking about selling or buying, now is a crucial time to engage with the Columbia real estate market. Sellers can take advantage of the seller’s market, while buyers can explore a more balanced market with stable price growth.
Don’t miss out on the incredible opportunities this market has to offer. Reach out to the RMF Realty Team today to discuss your real estate goals, and let us help you navigate the Columbia, SC market with confidence.
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The Columbia, SC housing market has continued to evolve over the past year, and it’s essential to stay informed about these changes. Whether you’re a seller looking to capitalize on market conditions or a buyer seeking your dream home, The RMF Realty Team is here to guide you through this exciting journey. Don’t wait – let’s make your Columbia real estate dreams a reality!