South Carolina has a population of about 4,511,400 people and the number of vacant homes at the moment is 16.58%. Homes sales went up by 3% in October 2014 compared to the same period the previous years. The highest sales were reported in Charleston where the median sale price is about $223,000. Greenville and Summerville take the second and third position respectively in terms of home sales. Pre foreclosures make up majority of the homes that are available for sale in South Carolina. If these numbers spark and interest and need for lending, check out the preferred Charleston Lender here.
Inflation has decreased significantly and interest rates have been at their lowest. This is expected to continue into 2015. There has also been an increase in housing starts and construction permits in the state and house prices are expected to increase at a moderate pace.
New listings increased by 9.2% to reach 5,492. Pending sales rose by 1.3% to 3,181 while inventory went up 1.0% to get to 33,129 units. Properties are also spending fewer days on market. The days on market has reduced by 3.3% to 116 days. This is the 12th consecutive month to report a decline in days on market.
2014 has proved to be another recovery year for the South Carolina residential housing market. But student debt and high mortgage continue to be a significant obstacle for potential first time home buyers. The good news is that interest rates are still low and this is expected to encourage more people to make home purchases. Job growth is likely to continue into next year and people are expected to make more money.
In Charleston, one of the most prominent cities in South Carolina, there has been a decrease in foreclosure properties in most of the areas. Investors are choosing to exit most of the markets and inventory has decreased. However, general inventory has gone up in the Charleston real estate market. Some of the most popular areas in Charleston include:
· South of Broad
· Harleston Village
· James Island
· West Ashley
· West Ashley inside Mark Clark
For any potential buyer looking for a residential property in South Carolina, it is important to rely on a qualified real estate agent who understands local market trends. The trends are dynamic and for this reason it is advisable to use an individual who is aware of the latest changes. This will help you to get the best property at a good price. The South Carolina residential housing market is promising and investors should take advantage of the current interest rates to grab some of the hot properties in the state.