South Carolina Housing Market Analysis - July 2024
The South Carolina housing market in July 2024 presents a nuanced picture with various indicators showing both positive and negative trends. This analysis delves into the key metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price for homes in South Carolina stands at $384,000, reflecting a slight decrease of 1.4% year-over-year (YoY). In contrast, the median list price has risen to $401,500, marking a 2.8% increase YoY. This divergence suggests that while sellers are optimistic, buyers are negotiating prices down.
Price Per Square Foot
The median price per square foot has increased by 3.9% YoY to $211. Similarly, the median list price per square foot has seen a 5.7% rise, now at $222. These increases indicate a growing valuation of property on a per-square-foot basis, which could be attributed to higher construction costs or increased demand for smaller, more affordable homes.
Sales and Inventory
Home sales have surged by 10.0% YoY, with 6,722 homes sold in July 2024. Pending sales have also seen a modest increase of 2.6%, totaling 6,654. New listings have grown by 8.8% YoY, reaching 7,862. Inventory levels have significantly expanded by 27.5% YoY, now at 24,258 homes. The months of supply, a critical indicator of market balance, has jumped by 50.0% YoY to 3.6 months, suggesting a shift towards a more balanced market.
Market Dynamics
The median days on market have increased by 8.0% YoY to 62 days, indicating that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.4% YoY to 98.0%, showing that homes are selling closer to their list prices. The percentage of homes sold above list price has dropped by 4.3% YoY to 15.2%, further highlighting the cooling market conditions.
Price Adjustments and Off-Market Trends
Price drops have increased by 7.2% YoY, now at 28.9%, indicating that sellers are more frequently adjusting their expectations to meet market realities. The percentage of homes going off-market within two weeks has decreased by 11.1% YoY to 30.6%, suggesting a slower pace of transactions.
Conclusion
Overall, the South Carolina housing market in July 2024 is characterized by a mix of rising inventory and slower sales dynamics, coupled with modest price adjustments. While the market shows signs of cooling, the increased inventory and balanced months of supply indicate a healthier market environment for both buyers and sellers.
