As we move into 2025, the local housing market update for South Carolina shows signs of transition. After years of an ultra-competitive seller’s market, the market is now becoming more balanced, offering homebuyers more options and slightly slower conditions. Sellers will need to adjust to the new dynamics, making this an exciting time for both parties. Homebuyers, particularly first-time buyers, can expect more options and a slightly slower pace, while sellers will need to adjust to new market dynamics. Let’s dive into the latest trends, challenges, and opportunities in South Carolina’s real estate market heading into 2025.
Current Market Overview
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Home Sales and Inventory Trends: South Carolina saw a slight dip in home sales in late 2024, down 8.7% from the previous year. In September 2024, only 5,658 homes sold, signaling a cooling market. This shift has been attributed to rising mortgage rates and economic uncertainty. However, inventory levels have increased, with available homes rising by 16.9%, offering more options for buyers. This shift means that sellers will need to be more competitive and strategic, while buyers will benefit from increased inventory and a less frenzied market.
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Home Prices: Home prices in South Carolina continue to climb, but at a slower pace compared to previous years. Projections for 2025 suggest a modest national price increase of 2.5%, and South Carolina is expected to follow a similar trend. While prices won’t see drastic increases, buyers should prepare for relatively stable growth. Sellers, on the other hand, will need to price their homes competitively in order to stand out in the market.
Regional Hotspots in South Carolina
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Myrtle Beach: Myrtle Beach continues to attract homebuyers, especially retirees. From 2020 to 2023, the city saw a 23% increase in residents aged 65 and older, making it the fastest-growing area in the U.S. in terms of senior citizens. This surge has affected the local housing market, with a notable demand for properties such as oceanfront condos and active-adult communities. Despite challenges, the Myrtle Beach real estate market remains strong and is expected to continue to grow in 2025.
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Greenville-Anderson: The Greenville-Anderson area is on the map as one of the hottest real estate markets heading into 2025. According to the National Association of REALTORS®, Greenville is listed among the top housing hot spots for 2025, due to the area’s strong economy, access to amenities, and increasing demand for both single-family homes and investment properties. As the market matures, expect this region to continue drawing interest from out-of-state buyers, especially those relocating for job opportunities.
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Charleston Area: The Charleston area is firmly positioned as one of the top real estate markets heading into 2025. Known for its vibrant history, coastal charm, and robust job market, Charleston continues to attract out-of-state buyers seeking lifestyle upgrades and lucrative investment opportunities. With a growing economy, world-class amenities, and increasing demand for single-family homes and rental properties, Charleston remains a primary focus for real estate activity.
Looking Ahead to 2025: What’s Next?
As we head into 2025, the South Carolina housing market is expected to become more balanced, with a slight shift toward a buyer-friendly environment. The cooling-off of the previously high-demand seller’s market means that more homes will be available at varying price points. Mortgage rates are projected to stabilize around 6%, which could entice more buyers to the market. Sellers will likely see less bidding competition, so it’s important to price homes appropriately and make sure they stand out in a more competitive field.
Buyers should be aware of regional differences, as areas like Myrtle Beach, Greenville, and Charleston continue to experience strong demand. In contrast, other parts of the state may offer more affordable options or less competition. Whether you’re considering purchasing your first home or investing in rental properties, now is a great time to explore South Carolina’s real estate opportunities.
Conclusion
The South Carolina housing market in 2025 offers both challenges and opportunities. With increasing inventory and moderate price increases, buyers can expect more choices, while sellers will need to price their homes strategically. If you’re planning to buy or sell in South Carolina, it’s essential to stay informed about market shifts and trends. Whether you’re interested in the resort-style of Myrtle Beach, the economic boom of Greenville, the charm of Charleston, or another area of South Carolina, it’s a great time to make your move in the real estate market.
Ready to Explore the South Carolina Housing Market?
If you’re looking to buy or sell a home in South Carolina, our team at Lowcountry Charmed is here to guide you through the process. Book an appointment today to start your journey toward finding the perfect home in this thriving state! Book a FREE Consultation Now!
Sources:
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The Litchfield Company
