Here’s all the latest data and info from our Columbia real estate market.
What’s going on in the Columbia, South Carolina housing market? Our real estate market is even nuttier than the last time I made a market update. We currently have 0.7 months of inventory, meaning if there are 10 buyers in the market, they’re all competing for the same seven homes; the competition is intense. There aren’t many foreclosures on the market, either.
South Carolina is in the top one to five states (depending on which study you look at) of inward migration from other states. We’re getting many people from New York, Pennsylvania, and Ohio especially; they’re tired of the winters, taxes, and in some cases, the political climate. They can now work from home and have decided they don’t have to deal with all that, and we’re a popular state.
Home prices are increasing by about 12% to 14% per year, which is fantastic. Also, the amount of money people are paying over asking price is something I’ve never seen in our market. Houses in the sweet spot of the $150,000 to $300,000 price range are receiving multiple offers as a rule, and one property got 46 recently. One of our agents won that home for their client. Additionally, interest rates are at historic lows; they’ve climbed a little recently but not significantly.
If you’re considering buying a home right now, you need an extremely experienced real estate agent who knows what they’re doing and can navigate the process masterfully. I feel sorry for those trying to figure out the market without an agent because these days you need to be on your game not only to get into a house quickly before it goes under contract but also with someone who knows how to present excellent offers.
If you are even entertaining the thought of selling, there’s never been a better time in the Columbia housing market. Today’s market is a perfect storm for sellers. Again, even if you’re selling, you need a superb agent because you could likely stick a sign in your yard and sell your property, but you won’t get the best offer. You want someone who can get your home out to every potential buyer so you get a bidding war and the terms you want. You can cost yourself 10% to 15% by selling FSBO (for sale by owner).
For the rest of the year, I’m predicting more of the same. It’ll be a while before we have a balanced market or even anything close to one.
If you have questions or we can help you with any real estate needs, call, email, or direct message us on our Facebook page. We would love to be your real estate resource.