South Carolina’s housing market is stable, if not a little slow. Home values have seen an upward trend over the past few years, and they’ll continue to make very modest climbs in the foreseeable future. Chances for collapse are slim to none, and the growth rate will remain predictable.
South Carolina as a whole is affected by some unique circumstances. Home values, on average, are rather low. The real estate is very affordable, inspiring people to purchase homes in the state. Most homes will sell within 80 days of listing, which is faster than in many other parts of the country. The special factors affecting South Carolina suggest that some families cannot afford to wait that long to move.
Negative equity and mortgage delinquency are very high in South Carolina. A lot of homeowners can’t afford to keep their properties or find themselves in a situation where they are “upside down” or “underwater.” This is when a property is worth less than its equity – meaning monthly mortgage payments have essentially become overpayment where the amount currently paid and the value of the home at the present time don’t line up.