South Carolina real estate market remains competitive as 2020 comes to an end
December 16, 2020
South Carolina REALTORS® (SCR) released its November 2020 statewide real estate market data reflecting another month of unusually high sales. Closed sales were up 13% throughout the state in November, compared to this time last year.
The South Carolina real estate market remains strong, and homes continue to sell in a record-setting timeframe – throughout November it was 64 days. This time last year homes sold on average in 80 days.
“It looks like we’re going to wrap up this year much as we began — competitively,” said Owen Tyler, SCR president and broker in charge at The Cassina Group in Charleston.
In addition to the normal variables determining the market, the 30-year fixed-rate mortgage rate averaged 2.71%, holding at the all-time low first set last week, Freddie Mac reported.
“The low rates have encouraged first-time homebuyers and buyers who may have hesitated to move into a larger home to take that next step,” said Julie Moore Whitesell, broker in charge at Meybohm Real Estate in Aiken.
Sales prices inched higher again in South Carolina throughout November. Compared to this time last year prices were up 19% from $218,460 to $259,995. Hilton Head, Aiken, and Pee Dee areas saw the biggest price increases, while the Midlands saw a slight decrease.
While real estate is often referred to like the weather in that it is localized, the pattern of high sales, low inventory, and record-setting prices are affecting the entire state. In addition to the South Carolina coast and upstate, smaller areas like Pee Dee and Aiken are proving that all areas of South Carolina are a desirable place to purchase a home.
“There have been many silver linings throughout this experience of COVID, one being that there truly is no place like home. I’ve had the pleasure of welcoming old friends back home as they’ve decided to settle back down in Aiken now that they can work remotely,” said Whitesell.
SCR’s statewide reports are attached. Up-to-date and archived reports are available at screaltors.org/marketreports.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 25,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
