Columbia, SC: Should You Buy a House Now? Welcome to the Columbia, South Carolina Real Estate Market Update for July 2024! Are you considering buying a house in South Carolina - in areas like Columbia, Lexington, and Lake Murray - but want to know when is the right time to buy a home? This video is for you! Whether you're a seasoned investor, a first-time homebuyer, or simply curious about the market trends, this market update will provide a comprehensive overview to help you make informed decisions.
Here are the key highlights in the Columbia, South Carolina Real Estate Market for July 2024:
1. New Listings - In June, 1,638 new listings came on the market, marking a 6.6% increase from last year and a 13.7% rise year-to-date.
2. Inventory - The current inventory is 2,730 homes, a 51.5% increase from last year.
3. Pending Sales - There were 1,259 pending sales in June, up 4.9% from last year.
4. Closed Sales - Closed sales totaled 1,247, down 13.7% from last year.
5. Days on Market - Homes spend an average of 41 days on the market, down from 46 days in April.
6. Median and Average Prices - The median sales price increased by 2.9% to $285,000, the highest recorded. The average sales price also rose by 2.8% to $332,184.
7. Affordability Index - The housing affordability index is 102, suggesting that the median household income is just enough to qualify for a median-priced home under prevailing interest rates.
8. List Price Received - On average, Sellers receive 98.7% of their asking prices, indicating a competitive market.
9. Months of Supply - The market has 2.5 months' worth of inventory, which still leans towards a seller's market. A balanced market typically has around six months of inventory.
10. Insights and Future Trends - Interest rates significantly impact the market dynamics. Despite rising rates, demand remains strong, as evidenced by the increase in pending sales and the competitive pricing trends.
11. Should You Buy Now - Buying or selling a home is highly personal and depends on your unique circumstances.
12. Buyers - If you're considering buying, the increase in inventory provides more options. However, be prepared for competition, especially for well-priced, move-in-ready homes.
13. Sellers - With inventory still relatively low and demand steady, it remains a good time to sell, mainly if your home is in excellent condition and priced correctly.
In conclusion, while the market remains competitive, the increase in inventory offers some relief for buyers. Sellers still hold a favorable position, but the key is to ensure your home is in top condition to attract the best offers. Research, consult with professionals, and consider your financial situation before making decisions.
Watch the FULL video to learn more about Columbia, South Carolina's real estate market activities for June 2024! To learn more about South Carolina's real estate market and what it's like living in the Midlands of South Carolina - Columbia, Lexington, and Lake Murray, or if you're interested in exploring the real estate market of Columbia, South Carolina, feel free to contact me! Like this content? Hit the LIKE and SUBSCRIBE buttons for more!
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This channel is all about living in Columbia, South Carolina, and living in the Columbia, South Carolina suburbs or for those moving to Columbia, South Carolina. We cover Lexington, Lake Murray, Irmo, Chapin, Ballentine, Red Bank, Gilbert, Batesburg Leesville, Northeast Columbia, Elgin, Blythewood, Hopkins Camden, Prosperity, and more!
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