South Carolina Housing Market Analysis - August 2024
The South Carolina housing market in August 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Price Metrics
The Median Sales Price for homes in South Carolina stands at $381,300, reflecting a slight decrease of 0.5% year-over-year (YoY). Similarly, the Median List Price has dropped by 3.6% YoY to $384,900. Despite these declines, the median Price Per Square Foot has increased by 1.8% YoY to $205, indicating that while overall prices have softened, the value per unit area has appreciated. The Median List Price per square foot has also seen a notable rise of 4.3% YoY, now at $219.
Sales and Inventory
The number of Homes Sold in August 2024 is 6,492, marking a 5.6% decrease YoY. Pending Sales have also declined by 8.8% YoY, totaling 6,240. New Listings are down by 7.0% YoY, with 7,518 new properties entering the market. However, inventory has surged by 20.2% YoY, reaching 23,668 homes. This increase in inventory has contributed to a significant rise in the Months of Supply, now at 3.60 months, up by 70.0% YoY.
Market Dynamics
The Median Days on Market for homes in South Carolina is 67 days, which is a 12.0% increase YoY. This indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio is 98.0%, showing a slight decline of 0.4% YoY. The percentage of Homes Sold above list price has dropped by 5.2% YoY to 14.1%. Additionally, the percentage of Price Drops has increased by 6.4% YoY, now at 30.0%. The proportion of homes going Off Market Within Two Weeks has decreased by 11.4% YoY, currently at 28.5%.
Conclusion
In summary, the South Carolina housing market in August 2024 exhibits a mix of declining sales and listing prices, alongside an increase in inventory and Price Per Square Foot. The extended time on market and higher Months of Supply suggest a shift towards a more balanced or even buyer-favorable market. These trends indicate that while sellers may need to adjust their expectations, buyers could find more opportunities and negotiating power in the current market environment.
