Navigating the Upswing

As we dive into the spring real estate market, there’s an unmistakable buzz around the resurgence in U.S. new-home sales. According to recent data from the Census Bureau, we’re observing an encouraging 8.8% month-over-month increase, pushing the annual rate to a robust 693,000 units—the highest since last September. Particularly impressive is the Northeast’s surge, where sales leapt by 27.8%.

As we take a fresh look at South Carolina’s real estate trends. notice how the landscape of real estate continues to evolve. Over the past 12 months (May 2023 – April 2024), the local market saw a slight 1.4% dip in pending sales across the Consolidated Multiple Listing Service, Inc. region. However, certain segments shine brighter, notably the $500,001 to $750,000 range, which saw a remarkable 13.9% increase in sales.

Prices are on the up too, with the overall median sales price nudging up by 0.9% to $270,000. Condominiums have seen the most significant price jump, a stellar 17.0% increase to $196,639. For those looking to sell quickly, properties priced between $150,001 and $250,000 are moving fastest, typically taking just 32 days on the market.

On the inventory side, we’re witnessing a 42.1% surge in market-wide levels. Single-family homes have seen the largest increase in available properties, up by 43.2%, equating to approximately 2.2 months of inventory.

Want to know what’s happening in your area of South Carolina?

Dive deeper into the specifics with our detailed Monthly Market Report and explore Local Market Area Reports for a tailored insight.

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