BY: Nick Kremydas, CEO / SC REALTORS®
email: nick@screaltors.org
phone: 803-772-5206
web: http://www.screaltors.com

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The Truth About South Carolina's Stable Housing Market

Despite what you may be hearing about a slumping national housing market, South carolina's housing market is strong and stable. Our biggest problem is not foreclosures or sub prime loans.  Our problem is a lack of affordable and attractive housing choices for the middle class. We need to get focused on the factors that are really affecting our market and take steps to address them.

All real estate markets are unique and influenced by local demand, local land-use and building rules, and a host of other factors one cannot see from the generalized scope of national news coverage.

In 2002, SC home sales set a new record at just over 43,000 homes sold. Over half of our metropolitan areas showed price gains over the previous year, with the median price at $152,000. At that time, homebuyers were confident that the real estate market was strong and healthy. In 2007, existing home sales were close to 58,000, with the median price holding strong at $160,000.

Homes continue to prove a good long-term investment. But this year, public perceptions are different, due to generalized and sensationalized national news reports.

Reports of foreclosure and families thrown out of homes seem to make sensational news stories. But, the truth is far less titillating.  Our market is stable and strong. It is likely to remain so, thanks in part to population growth and development in all corners of our state. South Carolina is on track to grow by a million more people over the next fifteen years. Every one of these people will need a place to call home. Steady population growth has also increased the value of homes in nearly every corner of the state since 2000. It is a remarkable trend that is mirrored in few other places in the country. The reason for the constant increase in home values is the increasing demand for housing in South Carolina.

The market has adjusted, but only after years of record sales and value appreciation. We are already seeing signs that our markets are improving. That makes us optimistic about 2008 and 2009. South Carolina's markets are strong and stable.

I encourage all consumers looking to buy, sell or lease real estate to get the true facts about your local real estate market. Be sure to get these facts from a local Realtor, because nobody knows South Carolina real estate like a South Carolina Realtor.