What’s ahead for South Carolina Housing

Yesterday I the pleasure of joining South Carolina REALTORS® from across the state for SC Lead 2014 conference in Columbia where Joey VonNessen of USC presented the Economic Outlook for the Palmetto State. South Carolina leads the US in economic growth and several indicators point to increasing employment opportunities while wages in SC for now remain sluggish.

The annual report on the SC Housing Market shows the median sales price at a 5 year high of $157,500 with many areas meeting most of their declines. In the Myrtle Beach area median sale prices rose 4.7% to $146,500 while average sale prices rose 5.7% in 2013. Increasing price trends are expected to continue in our area in 2014 but with limited wage growth home affordability may become an issue for entry level buyers as prices increase over the next year.

Bottom line – home affordability is as good as it gets today and if you are in the market to purchase a home now might be the best time to make your move.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.