News Summary
Despite a slight slowdown in the real estate market, home prices in South Carolina continue to rise. Factors such as limited housing supply, competitive bidding, and popularity of lakefront properties contribute to the ongoing price appreciation. As of February 2025, the median home value in South Carolina is $375,400, reflecting a year-over-year increase. Market forecasts suggest a moderate stabilization in the housing market by late 2026, presenting both opportunities and challenges for buyers and sellers alike.
South Carolina Home Prices Continue to Rise Amidst Market Adjustments
Welcome to the exciting world of real estate in South Carolina, where home prices are still on the rise! Despite a slight slowdown, the real estate frenzy that kicked off during the pandemic continues to shape the market. It’s a bit of a roller coaster, but the thrilling news is that many areas are still seeing fantastic growth in home values.
The Latest Market Trends
As of February 2025, the typical home value across the United States stood at $357,377, marking a 2.1% increase from the previous year. If you’re hoping to buy a home in South Carolina, be prepared for some stiff competition. With limited housing supply, many buyers are finding themselves in bidding wars, especially for affordable properties. As a result, prices for these coveted homes are climbing higher.
Even though rising mortgage rates have led to a bit of a slowdown in price growth, some regions are still experiencing remarkable increases. In fact, Stacker recently compiled a list highlighting cities in South Carolina where home prices are growing the fastest. Analyzing data from 50 cities and towns, they found some pretty impressive statistics.
Spotlight on Areas with Fastest-Growing Home Prices
In one area, the typical home value is around $213,467, reflecting a staggering 1-year price change of +$17,013 (an 8.7% hike) and a 5-year increase of +$80,080 (60%!). Not too shabby, right? Another city boasts a typical home value of $247,065, which has increased by +7.4% over the last year.
Taking a closer look at popular regions, the Charleston-North Charleston area saw a typical value of $279,346 with a 1-year increase of +6.5%. Meanwhile, another neighborhood in the area has a typical value of $523,675 that grew by 3.5% over the same period. Over in Columbia, the typical home value is at $237,719, which experienced a remarkable +7.8% year-over-year.
The Lake Real Estate Market Shines Bright
Now, let’s not forget about the stunning lakefront properties! The lake real estate market in South Carolina has seen a tremendous leap, now valued at around $1.5 billion, up from $1 billion just a year ago. Popular Thurmond Lake is a hot spot, with 113 properties currently on the market. The average home price at Thurmond Lake stands at $520,213, while average lot prices are around $81,249.
For those who enjoy wet and wild fun, Thurmond Lake offers a range of activities like boating, waterskiing, tubing, and wakeboarding, catering to a vibrant community. This popularity is fueling continuous growth in the lakefront real estate sector.
Statewide and Local Insights
In broader terms, however, South Carolina’s number of homes sold has dropped by 8.7% year-over-year as of September 2024. The median sale price in the state is currently $375,400, showing a modest 2.3% increase from the previous year. In September 2024, there were 31,038 homes for sale, reflecting a 16.9% increase year-over-year.
As the market adjusts, affordable homes are becoming more competitive, with 13% of homes26.6% of homes
What’s Next for South Carolina’s Housing Market?
Despite the fluctuations, various metro areas in South Carolina are showing different trends in price appreciation. Predictions suggest a moderate recovery and stabilization in home prices across the state by late 2026. This is essential for interested buyers and sellers to recognize the importance of regional differences in housing market trends.
Whether you are a buyer, seller, or just curious about the real estate scene, South Carolina’s housing market continues to present opportunities and challenges worth paying attention to.
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Additional Resources
- Stacker: Cities with Fastest-Growing Home Prices in South Carolina
- Wikipedia: South Carolina
- Columbia Business Report: SC Lake Real Estate Sees Dramatic Growth to $1.5B in Value
- Google Search: South Carolina real estate market
- SC Daily Gazette: SC Leases Net Mega Millions for Connected Developer
- Encyclopedia Britannica: South Carolina
- Post and Courier: Columbia Real Estate Market Insights
- US News: The Most Undervalued Housing Markets in the US
- Norada Real Estate: South Carolina Housing Market
- Google News: South Carolina real estate
Author: STAFF HERE IRMO
The IRMO STAFF WRITER represents the experienced team at HEREIrmo.com, your go-to source for actionable local news and information in Irmo, Lexington and Richland Counties, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Irmo Okra Strut Festival, Harbison Community Events, and local sports tournaments at the Palmetto Health Credit Union Foundation Stadium. Our coverage extends to key organizations like the Irmo Chapin Recreation Commission and the Lexington Chamber and Visitors Center, plus leading businesses in retail and healthcare that power the local economy such as Village at Sandhill and Lexington Medical Center. As part of the broader HERE network, including HEREAiken.com, HEREBeaufort.com, HEREChapin.com, HERECharleston.com, HEREClinton.com, HEREColumbia.com, HEREGeorgetown.com, HEREGreenwood.com, HEREGreenville.com, HEREHiltonHead.com, HEREIrmo.com, HEREMyrtleBeach.com, HERENewberry.com, HERERockHill.com, and HERESpartanburg.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
