High Real Estate Demand in South Carolina in 2018: Bodes Well for 2019 Real Estate Sales
High Real Estate Demand in South Carolina in 2018
Bodes Well for 2019 Real Estate Sales
South Carolina (SC) had the highest influx of people moving in 2018; more than than any other eastern state. North Carolina came in a close second, with Florida lagging in third place. High demand is good news for SC and the real estate market.
Noteworthy, from the map above is that there’s exodus from the Northeast (New York leading the way, then New Jersey and Massachusetts), and California on the west coast. Surrounding western states, such as Oregon, Nevada and Arizona gained more inbound people moving in 2018.
These trends are important in the real estate market and can help predict home sales and prices trends in 2019. The graph below confirms the general home sale trend of more people moving to the southeast, but the map above is more specific and shows that SC is the state accounting for most of the Southeast inbound moves.
Real estate inventory, on the supply side, will further impact home sale prices. Higher demand and lower supply will increase home prices, and may lead to bidding wars. This is the trend from 2018 (see graph below; SC Realtors report), that shows a decline in inventory starting November of 2017 and continuing into 2018. Also, transactions are moving faster, on average, taking less time to go from listing to contract (30 days for a home to go from listing to a contract).
What accounts for the growth in the SC real estate market? Another way of answering the question is what’s accounting for people relocating from the northeast and California? Although it’s a complicated answer, the most likely cause is the state’s tax structure, economic forecast (business friendly), and quality of life (climate, schools, crime etc).
Summary: SC has the largest influx of people moving and buying homes in the southeast, but inventory is low. High demand and low supply means higher home prices, making it a seller’s market.
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