South Carolina Housing Market: September 2024 Analysis
The South Carolina housing market in September 2024 presents a complex landscape characterized by both declining and rising trends. The Median Sales Price for homes in the state stands at $375,700, reflecting a year-over-year decrease of 1.2%. In contrast, the Median List Price has risen by 3.2% to $394,300, indicating a divergence between seller expectations and actual sale outcomes.
Price Per Square Foot metrics further illustrate this trend. The median Price Per Square Foot is $206, showing a modest increase of 0.6% from the previous year. Meanwhile, the Median List Price per square foot has seen a more significant rise of 4.8%, reaching $222. This suggests that while sellers are optimistic about pricing, buyers are exercising caution, possibly due to economic factors or market saturation.
Sales activity has experienced a downturn, with 5,659 Homes Sold, marking an 8.7% decline year-over-year. Pending Sales have also decreased slightly by 0.5%, totaling 5,889. New Listings have seen a marginal drop of 0.8%, with 6,988 homes entering the market. Despite these declines, inventory levels have surged by 21.0%, reaching 24,190 homes, which has contributed to a significant increase in the Months of Supply, now at 4.3 months, up by 110.0% from last year.
The Median Days on Market have increased by 17.0%, with homes now taking an average of 73 days to sell. This extended duration indicates a cooling market where buyers have more options and are taking longer to make purchasing decisions. The average sale to list ratio has slightly decreased by 0.4%, now at 97.9%, suggesting that homes are selling closer to their list prices than before.
Notably, the percentage of Homes Sold above list price has dropped by 5.0%, now at 13.0%. This decrease, coupled with a 2.2% increase in Price Drops, now at 26.6%, highlights a shift towards a more buyer-friendly market. Additionally, the percentage of homes going off the market within two weeks has decreased by 6.8%, now at 28.8%, further emphasizing the slower pace of sales.
Overall, the South Carolina housing market in September 2024 is characterized by a mix of rising inventory and list prices, alongside declining sales and extended market times. This environment suggests a transition towards a more balanced market, where buyers have increased leverage and sellers may need to adjust expectations to align with current market conditions.
