Maybe you’ve been considering buying a home in South Carolina, but haven’t fully decided yet. Well, you’ve come to the right place.
We have compiled a short guide for the South Carolina housing market to help answer some of your questions you most likely have. You’ll also learn some interesting facts about the state. So, let’s get started.
Why Move to South Carolina?
Before moving to South Carolina, you may wonder why you would want to. After all, there are more perks besides amazing beaches. Don’t just take our word for it, check it out with some locals who already live here.
Natural beauty: This is a place that makes you want to go out and stay there. In addition to the sunny beaches, South Carolina’s palm trees are also lush. Whenever you go out, you will feel like you’re in paradise, which you’ll see on their logo.
The state also has some gorgeous, old-fashioned plantation houses, some of which date back 200 years.
Fantastic weather: You will love the weather, particularly in spring and summer. South Carolina people are well-acquainted with long, warm (and sometimes hot) summers, giving a great excuse to go to the beach. Fortunately, if you are tired of applying sunscreen and washing your feet of sand, there are many other outdoor activities in the state.
Gourmet scenery: Southern hospitality is also accompanied by southern cooking. Think of chicken, waffles, shrimp and grit, barbecue food, and seafood (especially blue crab). The state also has some of America’s freshest fish, dairy products, and farm products. So, if you lack self-control when it comes to food, you may need to invest in a treadmill – or an excellent cardiologist!
Economic Benefits: Assume you have been debating whether to sell your house. Would it provide you with enough capital to purchase a new home in South Carolina at a lower price while still having some spare money? Most of the time, the answer is “yes.”
South Carolina is one of the top ten states in terms of the lowest taxation because the property tax, corporation tax, and personal tax are minimal.
Also, in a small town in South Carolina, the cost of living is usually not that high, so the cost of groceries, entertainment, household goods, and restaurants are cheaper than in many other states.
Health Benefits: A report by the American Lung Association found that air quality has been improving throughout the United States. However, four in ten Americans (133.9 million) still live in states where ozone or particulate pollution threatens their health. South Carolina, however, is not one of those states. Since 2003, air pollution has been reduced from 13.5 micrograms per cubic meter to 7.4 micrograms. That’s a reduction of 45%. In contrast, states such as California, Pennsylvania, and Texas are still struggling with unhealthy pollution levels.
Culture and Art: South Carolina has a long past as well as a complex cultural landscape. The state offers everything necessary to your quality of life, including film festivals, world-class hotels, art museums, festivals, theaters, historic landmarks, award-winning colleges, and schools.
Education: The high school graduation rate is 80%, which is 1% lower than the national average. Universities and universities here are also costly.
Cost of living: The unemployment rate in South Carolina is 4.4%, which is higher than the national average of 3.9%. Also, South Carolina is listed as one of the lowest-paid states. The state’s household income ranks 41st overall, with a median annual salary of $52,312.
As you already know Myrtle Beach is quite popular in South Carolina for real estate investments. Here are some ideal housing materials if you are thinking of housing in Myrtle Beach. Also, here’s a list of Myrtle Beach Homes for Sale Under $200,000.
There are limited late-night activities in the cities: If you like to party around town until the early morning, then the relaxed pace of South Carolina might be a little dull for you. There are many clubs, restaurants, music venues, festivals, and special events, but people usually go to bed early.
If the advantages outweigh the disadvantages, then let’s have a look at which city you might fancy, as well as the housing market in South Carolina.
Cities in South Carolina
Before you pick a city to move to, you might want to know some of the most expensive and cheapest areas around. We’ve made some lists for both categories, especially for you.
The Most Expensive Cities:
- Mount Pleasant
- Goose creek
The Cheapest Cities:
South Carolina’s Housing Market
The average price of houses in South Carolina is $312,000, an increase of 8.4% within the past year. The price per square foot is about $200.
But why move down South? Because obviously, “Southern hospitality prevails”. You will meet all kinds of good people there. Charleston, for example, has even been voted “America’s Friendliest City” in 2016 according to CondéNast Traveler. Its cobblestone streets and iron gates also give it a historical charm.
Maybe you want a brand new place? You’re fortunate because there are many new constructions currently underway in South Carolina. Here are some important things to know before investing in real estate there.
South Carolina’s Home Values and Costs
Now, let us delve into the cost and value of the real estate.
The average home value in the state is currently about $158,900. As for house appreciation, the value has increased by 5.9% in the past year (2019).
The average listing price of houses on the market was $244,990, while the closing price was $173,400 (2019-2020). The price per square foot is approximately $126. Renting a house will cost you approximately $1,287/month.
It’s great for house hunters, but what about apartment lovers? Well, you can get an average price of $910/month in Myrtle Beach or an average price of $1,000/month in Columbia.
The monthly rent for a house in Charleston and Greenville is approximately $1,290 and $1,060 respectively. In Somerville, you can expect to pay about $1,052 per month, while in the “five forks,” you can pay about $980/month. However, if you move to Seneca, you will save some money-the average monthly rent here is $690.
The price range of South Carolina townhouses starts at the low end of about $450 a month and goes up to about $5,200/month.
We know you’ll enjoy moving to South Carolina but you need to be aware of the hurricanes. . Along with fantastic access to the sea, comes hurricanes which make hurricane insurance a must. South Carolina is one of the 19 lucky states that requires hurricane deductibles as part of homeowners’ insurance policies.
Depending on where you live, you may need flood insurance. If you are in a high-risk area, the mortgage lender may require you to purchase additional insurance specifically for flooding. But it’s important to note that even houses that are not in high-risk areas may still need this coverage. Why? Because, as the old proverbial saying goes, it’s better to be safe than sorry.
That concludes our brief guide to South Carolina; reasons for moving there and its housing market.
If South Carolina looks like your slice of paradise, then go for it! Just make sure affordable home insurance policies adequately cover your new home.