South Carolina may be running out of homes to sell, but that hasn’t stopped record sales from climbing.
Inventory declined by 57% in June compared to this time last year, but residential home sales were up almost 15%, according to S.C. Realtors’ statewide real estate market reports.
Coastal cities lead the Palmetto state’s market, with Myrtle Beach up 34% in sales year-over-year, Hilton Head up 25% and Charleston up 21%.
“With virtual working environments becoming more commonplace, the appeal of coastal S.C. for buyers from across the U.S. continues to skyrocket,” said Owen Tyler, SCR immediate past president and broker-in-charge at The Cassina Group in Charleston. “Buyers are able to realize their dreams of living on the scenic coast in a moderate climate and having a sundry of outdoor activities.”
Showing further signs of the increased demand, the number of days a house is on the market declined 42% statewide in June compared to the same month in 2020.
“Homes are selling at an average of 44 days statewide. In this market you have to be able to move quickly,” said Morris Lyles, SCR president and Realtor at ERA Wilder in Columbia.
Statewide, the median sales price climbed 18% year-over-year to $285,000, while the national median home price rose 24% to $350,000, according to the National Association of Realtors. The increase is the largest year-over-year jump since 1999.