DECEMBER 12TH, 2018

South Carolina Mortgages

South Carolina has had its ups and downs, the history of the state is peppered with good times and bad. With a storied history and strong ties to the civil war, the state has many factors that must be considered when trying to understand the market forces in its economy. The housing market in the state is equally varied, with a good number of new homes and historic buildings and properties as well. The 2002 census showed there to be a total of 1,825,531 housing units in the state. The construction market has had periods of incredible growth and worrying stagnation since then in almost equal measure. The home ownership rate listed in the 2000 census for South Carolina was 72.2%. This stands well above the national average for that year, which was 66.2%. This increased home ownership rate can be partially explained by the lower than average cost of housing. In the 2000 census, the data showed that the median value of a owner occupied housing unit in South Carolina was $94,900. The national average for median home values that year was $119,600. While not as low some other nearby housing markets, this was still enough to encourage an above average level of interest in purchasing a home in South Carolina.

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For those looking to buy a home in South Carolina, this year may signal the ideal time. After five years of unprecedented growth, the South Carolina real estate market is now showing signs of slowing.

The records show that home sales in April dropped 5.46% compared with April sales of last year. Despite the trend that saw median home prices increase by 14.92 percent for the same period. The source of this data being the latest Multiple Listing Service from SCAR. In the Pee Dee, sales in April were down 17.31 percent from last year, according to the organization’s reported data.

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Pee Dee Realtors also reported a continued fall in median prices of homes sold, bucking the statewide trend of higher prices. The median price of homes sold in the Pee Dee in April dropped 9 percent, compared with April prices elsewhere in the state.
The cooling off of the market might be bad news for sellers, it is great news for home buyers. It looks as though the South Carolina real estate market is seeing a needed return to a buyer-seller balance.

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