Strong real estate market continues into the new year
COLUMBIA, S.C. (February 23, 2021) — South Carolina REALTORS® (SCR) today released its January 2021 statewide real estate market data, showing a continuation of the trends seen throughout 2020, including high sales, low inventory and rising prices.
Areas across South Carolina continue to experience record sales. The sale of residential homes, condos and villas was up 19% in January, compared to the same time last year.
Hilton Head had particularly booming sales with a 56% increase compared to this time last year.
“Homes are selling at a record pace and are in very very short supply. I believe this continues for the foreseeable future as South Carolina has become the place to be, and the southern coast is right in the bullseye. Not only have homes been popular, but land purchases are rapidly picking up steam. We are seeing many transactions involving "sight unseen" properties, homes and land,” said Phill Nagley, SCR region 2 vice president and Realtor® at Coastal Realty Group, the Nagley Team.
Although sales are up, inventory remains an issue. Statewide, the amount of available homes in South Carolina has plummeted 44% compared to this time last year.
“The inventory is just not there, which is one reason why homes are selling faster than we’ve ever seen before. This time last year homes sold within 85 days on average; currently the statewide average is 65 days,” said Morris Lyles, SCR 2021 president and Realtor® at ERA Wilder in Columbia.
Prices continue to rise in South Carolina. The median sales price increased almost 16% from $220,000 to $255,000 from this time last year.
Nationwide, the numbers mirror South Carolina. The National Association of Realtors® (NAR) recently reported that housing inventory fell to a record low of 1.04 million units, down by 25.7% year-over-year – a record decline. Properties nationwide also sold quickly – and remained on the market for 21 days in January, down from 43 days in January 2020. Seventy-one percent of the homes sold in January 2021 were on the market for less than a month.
Up-to-date and archived reports are available at screaltors.org/marketreports.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 25,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.