COLUMBIA, S.C. (December 2, 2020) – RealEstateRama – South Carolina REALTORS® (SCR) today released its October 2020 statewide real estate market data. Despite the pandemic, Realtors® continue to set sales records with a 19% increase in closed sales throughout the state compared to this time last year.
“2020 has been unpredictable, but the real estate industry has been able to meet surprisingly strong homebuying demand throughout the pandemic, and help lead South Carolina’s economic recovery,” said Owen Tyler, SCR president and broker in charge at The Cassina Group in Charleston.
Multiple offers remain a common occurrence in many areas due to a further drop in inventory. The state saw another dip in the amount of homes on the market with a 36% decrease — an all time low.
“We are continuing to see buyers in the market and do not see signs of a slow down at this point. The largest hurdle we currently face is inventory. When properties come onto the market priced competitively, they sell,” said Myrtle Beach Realtor® Drew Streett with Garden City Realty, Inc.
The inventory shortage reflects what is happening on a macro scale with total housing inventory down 19.8% from one year ago, according to the National Association of Realtors® (NAR).
The median sales price was up again in South Carolina, this time at almost 17% to $255,450 compared to this time last year. And homes continue to sell at record speed of only 68 days on average — 15% faster compared to this time last year. Nationally, more than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.
“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” said Lawrence Yun, NAR’s chief economist.
SCR’s statewide reports are attached. Up-to-date and archived reports are available at screaltors.org/marketreports.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 25,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.