South Carolina Housing Market: November 2024 Analysis
The South Carolina housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $382,200, reflecting a modest year-over-year increase of 0.7%. This indicates a slight upward pressure on home prices, despite broader economic conditions that might suggest otherwise.
Conversely, the Median List Price has decreased by 1.7% year-over-year, now at $392,900. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers in a competitive environment. The median Price Per Square Foot has risen by 2.5% to $207, while the Median List Price per square foot has seen a significant increase of 7.4%, reaching $225. This divergence between sales and list prices per square foot could indicate a shift in buyer preferences towards more affordable options or smaller properties.
In terms of sales activity, 5,403 homes were sold in November, marking a slight increase of 0.6% compared to the previous year. Pending Sales have shown a more robust growth of 5.5%, totaling 5,367. This uptick in Pending Sales suggests a potential increase in future closed transactions, indicating sustained buyer interest in the market.
New Listings have decreased by 4.7% year-over-year, with 5,930 properties entering the market. This reduction in New Listings, coupled with a 14.4% increase in inventory to 23,515 homes, suggests that properties are staying on the market longer. This is further evidenced by the Median Days on Market, which has increased by 13% to 73 days. The Months of Supply have surged by 60% to 4.4 months, indicating a shift towards a more balanced market, though still favoring sellers slightly.
The average sale to list ratio remains unchanged at 97.9%, suggesting that homes are generally selling close to their asking prices. However, the percentage of Homes Sold above list price has decreased by 1% to 12.7%, indicating a slight cooling in competitive bidding scenarios. Price Drops have increased by 0.9% to 24.6%, reflecting adjustments by sellers to align with buyer expectations. Additionally, the percentage of homes going off the market within two weeks has decreased by 6% to 24.4%, further highlighting the extended time properties are spending on the market.
Overall, the South Carolina housing market in November 2024 is characterized by a mix of rising prices per square foot, increased inventory, and longer market times. While sales activity remains relatively stable, the decrease in New Listings and the increase in Months of Supply suggest a market in transition, potentially moving towards more balanced conditions. Buyers and sellers alike should remain vigilant and adaptable to these evolving market dynamics.
