Breakfast Recap: What You Need To Know About The Midlands Housing Market
This month’s Business over Breakfast, sponsored by Mid-Carolina Electric Cooperative, brought state and local statistics and trends in the real estate market, presented by South Carolina REALTORS® Region 5 Vice President Charles Caughman and Central Carolina REALTORS® Association Co-Executive Office Taylor Oxendine.
Location is no longer the buzz word. With an influx of millennial buyers, homes are going fast and almost gone. As of March 2021, there were only three homes available in Lexington at the $150,000-300,000 price range. Sellers are receiving almost 100 percent of listing prices, driving median sales prices above 100-110 percent. Homes in this price range were averaging 32 days on the market, but are now receiving 20-30 offers over the course of two days. Homes with an average sale price of $231,000 last year are now listed at $264,000, making South Carolina a prime target for investors.
Home sales around Lake Murray above $300,000 were a huge draw during COVID-19 by out-of-state residents primarily from California, New Jersey, New York, Ohio and Pennsylvania seeking the advantage of low property taxes and affordability. Land prices have increased, although buyers are struggling to build as contractors are unable to obtain trusses, windows, doors and appliances.
The Central Carolina REALTORS Association reached a record-breaking number of members with job loss during COVID-19 pushing people to get their licenses. However, with the lack of homes available membership is expected to go down as people pursue other careers. It was suggested that increasing interest rates may be needed to slow home buying.