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Real Estate - Residential

S.C. home sales still soar despite all-time low inventory

Real Estate - Residential
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Even with an all-time low inventory, South Carolina home sales are up 19% year-over-year.

Statewide data from S.C. Realtors showed that despite the pandemic, real estate professionals continued to close record deals in October.

Overall for the month, 2,298 homes closed in the state and the median sales price increased 17% from last year to $255,450.

Owen Tyler, SCR president and broker in charge at The Cassina Group in Charleston, watched one of his agents set her own record this year as well, representing the buyer in the most expensive transaction on Sullivan’s Island at $8.2 million.

“2020 has been unpredictable, but the real estate industry has been able to meet surprisingly strong home buying demand throughout the pandemic, and help lead South Carolina’s economic recovery,” Tyler said.

As a result of inventory shortages and a record 36% decrease, sellers also are regularly receiving multiple offers for their available home. On average, homes sold within 68 days, 15% faster year-over-year. Seventy-two percent of homes were on the market less than a month.

“We are continuing to see buyers in the market and do not see signs of a slow down at this point. The largest hurdle we currently face is inventory. When properties come onto the market priced competitively, they sell,” said Drew Streett, Realtor with Garden City Realty Inc. in Horry County.

By October’s end, a total of 19,107 homes have been sold in the Charleston Trident area this year, according to SCR.

“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” National Association of Realtors Chief Economist Lawrence Yun said.

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