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Real Estate - Residential

Median home prices in S.C. increase 13% over last year

Real Estate - Residential
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Median home prices in South Carolina increased 13% year-over year, from $234,000 to $265,000.

Sales also were up an average of 22% from last year with majority of the state experiencing significant gains, according to South Carolina Realtors’ March 2021 statewide real estate market data.

Coastal markets saw the highest sales, with a 27.9% increase in Charleston home sales, 47.9% in Hilton Head and 43.5% in Myrtle Beach. Beaufort had a record 56% increase in year-over-year sales.

“The data show what we've been expecting — big jumps over March of 2020, as well as significant growth during the first quarter of 2021,” SCR 2021 President Morris Lyles said. Lyles is a real estate agent at ERA Wilder in Columbia.

Statewide, the average time on market is 60 days, though some houses have sold in less than two weeks, the release said. The average is 29% less time than March 2020. Additionally, inventory has dropped 58% year-over-year.

“Like everywhere else, we have very little inventory,” said Phill Nagley, SCR region 2 vice president and real estate agent at Coastal Realty Group in Bluffton. “Many agents have buyers for homes before they even hit the market. Realtors have limited time for showings as agents are lined up outside for the next appointment.” 

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