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Real Estate - Residential

Residential home sales continue to trend upward in May

Real Estate - Residential
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South Carolina residential home sales are still trending upward, even with less and less inventory.

May sales were up 36% compared to this time last year while market-wide inventory levels were down 71.7%, according to S.C. Realtors Association’s monthly statewide market report.

Beaufort, Charleston and Myrtle Beach continue to experience record residential sales, but Hilton Head led the state with a 93% increase year-over-year.

The influx of buyers into the Hilton Head area began around April 2020, said Cindy Creamer, SCR president-elect and Realtor at Dunes Real Estate on Hilton Head Island.

“While buyer interest remains high, both buyers and sellers have become more aware of the inventory challenge and are making decisions to list or buy based on their urgency,” Creamer said.

Houses throughout the state rarely stay on the market long these days, selling in record time at an average 48 days, compared to 72 last year.

Another trend the SCR reported in May 2021 is that more and more houses are sold sight unseen. 

“In this fast-moving market, it’s more important than ever for buyers and sellers to use a local Realtor,” said Morris Lyles, SCR 2021 president and Realtor at ERA Wilder in Columbia. “We are experienced and trained in navigating the multiple offer situations that are occurring every day.”

In Charleston, the median sales prices were up 12.8% to $320,000, a $36,000 increase compared to May 2020. Single-family homes in particular saw price increases of 13.7% up to $343,303.

Homes in the $200,001 to $300,000 range sold the quickest, while homes priced at $300,001 and above had the strongest sales. Compared to this time last year, $300,001 homes sold the slowest with an average of 75 days on the market.

In Greenville, new listings were up 12.7% in May, while the median house price rose 16.4% to $263,000, per reports by the Greater Greenville Association of Realtors. Nearby in the Augusta region, new listings were up 15.3% with a median sales price of $242,000 — 20.7% according to the Greater Augusta Association of Realtors.

Spartanburg inventory shrank 27.2% while days on market decreased 77.5% to 16 days, according to statistics by the Spartanburg Association of Realtors. The area’s median sales price in May reached $218.660, a 15.1% increase.

Moving toward the Midlands, the median sales price moved up 7% to $162,250 in May, according to Central Carolina Realtors Association. Inventory for the month shrank 49.8% to 103 units.

Reach Teri Errico Griffis at 843-849-3144.

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