Around the country, the real estate market is booming. More people are moving out of apartments while purchasing new homes. There are more new homeowners than ever before. The economy is growing and many people are optimistic about the future. What has caused so many people to purchase homes? Will the trend continue in the years to come? Within this guide, readers will learn more about South Carolina’s booming real estate market and its potential future.
Why South Carolina?
South Carolina has experienced a major real estate boom. Although it is happening across the country, South Carolina’s boom is unlike anything else. Although it is across the state, Charleston and Myrtle Beach have seen a remarkable increase. These cities account for 45% of all home sales in South Carolina. The number of homes on the market has decreased and the demand is higher than ever before. Suffice to say, this combination has caused home prices in South Carolina to climb swiftly. 2020 saw home sales increase and the trend continued into 2021. As a result, there are fewer homes to purchase.
Bidding wars are common as buyers try to grab the few homes on the market. South Carolina has boomed for several reasons.
Amazing Attractions
Myrtle Beach real estate is booming because the area is home to many amazing attractions. There is a good chance that you’d love to live near the beach. If this is the case, you should look no further than South Carolina. In addition to this, the state is home to the Congaree National Park, Magnolia Plantation, and Brookgreen Gardens. When you live in South Carolina, you’ll always have something to do. The available attractions in Charleston, Hilton Head Island, Greenville, and Myrtle Beach have made the state popular among home buyers.
Affordability
Another thing to note is that South Carolina offers a low cost of living. It is much cheaper to live in South Carolina than California, Colorado, and Nevada. It is one of the cheapest states in this category. Many people can save money by living in the state. As a result, they have more money to spend on the state’s outdoor activities.
Low-Interest Rate
Ultimately, the real estate market is booming due to the low interest rates. Thanks to the Fed’s easy money policies, homebuyers can take advantage of insanely low-interest rates. They’ve dropped as low as 2.88%. Homebuyers can save money by purchasing a home now. These low-interest rates have caused home sales to skyrocket across the country. However, it is important to understand that the trends might be shifting.
The Future
Although South Carolina’s real estate market is booming, there is a risk that the trend will change. Today, the 30-year interest rate climbed to 3.11% after experiencing two weeks of declines. However, the 15-year rate decreased. Nevertheless, the trend is changing since refinancing applications fell 3%. They are 18% lower than a year prior. The changing trend could offset the boom and cause the market to transform into a buyer’s market. Only time will tell if this happens.
