Home Values Rising in South Carolina Amid Coronavirus Crisis
See how the housing market is doing in the Palmetto State during COVID-19.
Current home values in South Carolina
Home values have been rising throughout South Carolina and are up 12.7% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $426,567, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in South Carolina: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $426,567 home at 3.33% would give a typical South Carolina homebuyer a monthly payment of $1,500, assuming a 20% down payment.
How the South Carolina housing market stacks up
Couples can take a secluded walk by the water in South Carolina
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in South Carolina, they're predicted to rise 4.8%.
Homes right now are going on the market in South Carolina at a median price of $129 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
South Carolina home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $189,966 |
| 2019 | $168,513 |
| 2018 | $160,333 |
| 2017 | $149,792 |
| 2016 | $139,008 |
| 2015 | $130,125 |
| 2014 | $126,692 |
| 2013 | $123,775 |
| 2012 | $121,850 |
| 2011 | $123,300 |
| 2010 | $129,983 |
| 2009 | $133,000 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in South Carolina is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $321,582 |
| 2019 | $272,500 |
| 2018 | $257,500 |
| 2017 | $245,000 |
| 2016 | $225,000 |
| 2015 | $210,000 |
| 2014 | $205,000 |
| 2013 | $202,500 |
| 2012 | $197,500 |
| 2011 | $202,500 |
| 2010 | $212,500 |
| 2009 | $215,000 |
*2020 price average through March 31, 2020.
