Opportunities, Trends, and What to Expect

As 2024 unfolds, South Carolina’s real estate market remains a dynamic space full of opportunities for both buyers and sellers. With its blend of charming coastal cities, affordable inland towns, and a robust economy, South Carolina has long been a sought-after destination for homebuyers. Whether you’re a first-time buyer or an experienced investor, here’s a snapshot of what’s happening in the real estate market today.

Market Trends in 2024

1. Continued Population Growth South Carolina continues to experience significant population growth, driven largely by transplants from northern states and cities. People are drawn to the state for its warm climate, lower cost of living, and attractive tax incentives. This growth is keeping demand for homes high, especially in cities like Charleston, Greenville, and Columbia, as well as more suburban and rural areas.
2. Rising Interest Rates Higher mortgage rates have influenced both buyers and sellers in South Carolina. While interest rates are higher than they’ve been in recent years, they remain historically low. Many buyers are adjusting their budgets, focusing on homes in the middle or lower price ranges. As a result, sellers in these price brackets are seeing homes move relatively quickly. However, luxury homes and second properties are taking longer to sell as buyers become more cautious.
3. Inventory Challenges Inventory remains tight in many parts of South Carolina, with fewer homes on the market than in previous years. This has led to continued competition among buyers, especially in popular areas like Charleston’s Lowcountry, the Upstate region near Greenville, and lakefront properties across the state. Buyers need to act quickly and make competitive offers to secure their desired homes.
4. New Construction Activity South Carolina is experiencing a surge in new construction, particularly in suburban and rural areas. Developers are building everything from single-family homes to modern townhomes, appealing to a wide range of buyers. For those looking for a brand-new home, there are plenty of opportunities to explore, though build times may be extended due to ongoing supply chain issues.

Top Markets to Watch

1. Charleston Charleston remains the jewel of South Carolina real estate, known for its historic charm, vibrant downtown, and proximity to the coast. While prices have increased, buyers continue to flock to the area for its high quality of life and strong job market, particularly in technology and healthcare.
2. Greenville The Upstate region, especially Greenville, has seen tremendous growth in recent years. It’s an attractive destination for people seeking a blend of city life and outdoor adventure, with proximity to the Blue Ridge Mountains and various lakes. Greenville’s real estate market is expected to remain competitive, with ongoing development in both residential and commercial sectors.
3. Columbia As the state capital, Columbia is a growing hub for government jobs, education, and healthcare. While more affordable than Charleston or Greenville, Columbia offers a wide variety of housing options, from downtown condos to family homes in suburban neighborhoods. Its central location and strong economy make it a great choice for first-time homebuyers.

What Buyers and Sellers Should Know

• Buyers: If you’re entering the market, be prepared to move quickly. Homes in desirable areas often receive multiple offers, and it’s essential to have your financing in order. Working with a local real estate agent who understands the nuances of South Carolina’s market can give you a competitive edge.
• Sellers: If you’re selling a home, now may be the perfect time to take advantage of the demand. Homes that are priced well and in good condition are selling fast, especially in competitive markets. However, luxury homes or properties in less popular areas may take longer to sell, so patience and strategic marketing are key.

Looking Ahead

As we head into the latter part of 2024, South Carolina’s real estate market is expected to remain steady, with demand continuing to outpace supply in many areas. However, buyers may find more negotiating power in higher price brackets as luxury properties sit on the market longer. Overall, South Carolina continues to offer attractive opportunities for homebuyers and investors alike.

If you’re thinking about buying or selling in South Carolina, now is a great time to get started. Contact us to learn more about how we can help you navigate today’s exciting market!