The South Carolina housing market in January 2025 shows a moderate increase in property values. The Median Sales Price has risen to $377,600, marking a 2.9% increase year-over-year (YoY). Meanwhile, the Median List Price has seen a more substantial rise of 4.9% YoY, reaching $396,300. This indicates a growing seller confidence in the market.

When examining Price Per Square Foot, the median price stands at $208, with a slight YoY increase of 0.8%. The Median List Price per square foot is $223, reflecting a 4.9% YoY increase. These figures suggest a steady appreciation in property values, albeit at a slower pace for actual sales compared to listing prices.

Sales Activity

Sales activity in South Carolina has experienced mixed results. The number of Homes Sold has increased by 4.9% YoY, totaling 4,437 transactions. However, Pending Sales have decreased by 8.5% YoY, with 5,817 transactions currently in the pipeline. This decline in Pending Sales may indicate a potential slowdown in future sales activity.

New Listings have decreased by 2.9% YoY, with 7,070 properties entering the market. Despite this decline, inventory levels have increased by 5.3% YoY, reaching 21,790 homes. The Months of Supply remain unchanged at 4.9 months, suggesting a balanced market between buyers and sellers.

Market Dynamics

The Median Days on Market have increased by 12% YoY, now averaging 86 days. This indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio has slightly decreased by 0.1% YoY, standing at 97.5%, suggesting that buyers are negotiating prices slightly below the asking price.

The percentage of Homes Sold above list price has decreased by 1.6% YoY, now at 11.5%. Additionally, the rate of Price Drops has increased by 4.9% YoY, with 26.8% of listings experiencing a reduction in price. This could indicate that sellers are adjusting their expectations to align with market conditions.

Market Outlook

The percentage of homes going off the market within two weeks has decreased by 4.2% YoY, now at 24.4%. This suggests a cooling in the urgency of buyers compared to the previous year. Overall, the South Carolina housing market in January 2025 presents a complex picture, with rising prices and increased inventory, but also signs of a potential slowdown in sales activity and buyer urgency.