![]() Following the recession in 2008, much like the rest of the country, the market slumped in 2009-2010. In fact, the housing market was on a gradual upswing. Historical Real Estate Trendsīased on information from the Federal Reserve Economic Data (FRED) website, the overall economy and housing market in South Carolina were relatively stable for the early part of the 21st century. It should be noted that South Carolina has a very modest tax rate when compared to other locations such as California, especially property tax. ![]() This is still much cheaper than buying waterfront condos in Los Angeles or Miami, which can cost into the tens of millions. The median price for condos statewide is currently around $140,000. Prices for a two bedroom condo with 1000 square feet in the inland city of Columbia can be as low as $80,000 while for roughly the same size a condo can cost $700,000 in the coastal town of Hilton Head Island. Prices for condos vary upon region and location as well. However, keep in mind that these are prime destination in the state overall, the cost of living in South Carolina is still much lower than other places in the country- especially for beach adjacent properties. These cities are all located along the state's coast, making them beachfront locations with easy access to the many activities the coast offers. However, this will vary upon region: oceanfront property in areas like North Myrtle will be more expensive.Īccording to NeighborhoodScout, the highest appreciating cities in South Carolina since 2000 are McClellanville, Folly Beach, Mount Pleasant, Sullivan's Isand, Kiawah Island, and Charleston. As of Jthe state has an estimated 2,236,153 housing units.Īccording to Trulia, the average price for a new house in South Carolina is $145,000, which is a good deal under the national average of $200,700. As data suggests, the current trend is a gradual increase in the price of homes and condos. For residents, the cost of homeownership does not exceed the state's average income in most places. South Carolina real estate trends show a gradual upswing, but are in keeping with or below the national average. Despite rising home costs and concerns over housing supply, the palmetto state has a very reasonable cost of living, and mortgages are very reasonable as well. With a business friendly environment and growing job market, there is an abundance of professional and blue collar jobs. From the multitude of coastal destinations such as Myrtle Beach, residents can also visit historic colonial sites and a variety of state parks. ![]() South Carolina is an alluring destination for potential residents.
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