Inventory is low and demand is high in our market.
What’s the latest news from our Columbia housing market?
The bottom line is that inventory is extremely low and still shrinking. There aren’t enough homes for sale for the number of buyers in our market, and there are a couple of reasons why.
First, sellers are hunkering down. Second, there are a lot of buyers coming into South Carolina. At the moment, we’re the second-most popular state to move to in the entire nation. Demand is high and supply is low, which means prices are rising. In the greater Columbia area, they’ve risen 6% to 7% in the past few months.
When I say inventory is low, I mean we specifically have two months of inventory. This includes all of the towns around Columbia as well. A balanced inventory is around six months. If you’re thinking of selling but are planning on waiting until the COVID-19 situation clears up, now’s a much better time.
The homes we’re listing, especially those in the $250,000-and-under price range, are only lasting a few days on the market. Some are also attracting multiple offers. More and more people are fleeing the big cities, and South Carolina is an attractive place to these buyers.
If you’re a buyer, you better hire a good agent who’s on top of their game and watching the market carefully. All of the buyer agents at The Downing Group excel at connecting their buyers to homes the instant they hit the market, as well as coming-soon listings. You can’t afford to wait any more than a day or two to make an offer on a home, especially those under $250,000. All of our homes above $1 million are under contract, which is something I never would’ve expected.
If you have more questions about our Columbia market or are thinking of buying or selling soon, don’t hesitate to reach out to me. I’m here to help.