Are you wondering if it’s a good time to buy a house in South Carolina right now? Or should you wait given the housing market slowdown, high mortgage interest rates, and a potential recession? One way to tell if it’s a good time to buy a house in South Carolina is to see if it is in a buyer’s market or a seller’s market right now.
Is South Carolina in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 3.2 months supply of homes in South Carolina right now. This means South Carolina is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes while a buyer’s market will be greater than 6 months supply of homes.
The best time to buy a house in South Carolina is during a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. As a buyer, you will have the upper hand when it comes to negotiating prices because there will be less competition.
Is the Entire State of South Carolina in a Seller’s Market?
No, there are some counties in South Carolina where it’s a buyer’s market right now. That means it’s a good time to buy a house in those markets.
Places in South Carolina in a Buyer’s Market
Below is a list of counties in South Carolina where it’s a good time to buy a house right now. These counties are either in a buyer’s market or a balanced market. Months of Supply Data source: December 2022 real estate data from RedFin.
Bamberg County, SC
Bamberg County, SC is in a buyer’s market with 21 months supply of homes.
Williamsburg County, SC
Williamsburg County, SC is in a buyer’s market with 13 months supply of homes.
Dillon County, SC
Dillon County, SC is in a buyer’s market with 12 months supply of homes.
Greenwood County, SC
Greenwood County, SC is in a buyer’s market with 7.5 months supply of homes.
Orangeburg County, SC
Orangeburg County, SC is in a buyer’s market with 6.8 months supply of homes.
Marion County, SC
Marion County, SC is in a balanced market with 5.8 months supply of homes.
Chester County, SC
Chester County, SC is in a balanced market with 5.7 months supply of homes.
Chesterfield County, SC
Chesterfield County, SC is in a balanced market with 5.7 months supply of homes.
Colleton County, SC
Colleton County, SC is in a balanced market with 5.3 months supply of homes.
Georgetown County, SC
Georgetown County, SC is in a balanced market with 5.2 months supply of homes.
Check out: 40 Places in The US Where Homes are Still Selling Fast
What about the Places in South Carolina that are in a Seller’s Market? Should You Wait to Buy a House?
It’s a good idea to wait to buy a house in South Carolina where it’s a seller’s market. In a seller’s market, the seller has the upper hand because there aren’t enough homes for sale yet there are too many buyers trying to buy a home. Bidding wars are common in a seller’s market. Homes typically sell for more than the asking price and many buyers forgo contingencies such as mortgage contingency and inspection contingency.
Also, winter is typically a time of low housing inventory. I recommend waiting until the Spring when there should be a spike in new listings because that is when sellers usually begin putting their properties for sale.
Places in South Carolina in a Seller’s Market
Below are counties in South Carolina where it’s a seller’s market. If you are thinking of buying a home in these South Carolina counties, it makes sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March when sellers begin putting their homes for sale.
Horry County, SC
Horry County, SC is in a seller’s market with 4.9 months supply of homes.
Abbeville County, SC
Abbeville County, SC is in a seller’s market with 4.8 months supply of homes.
Edgefield County, SC
Edgefield County, SC is in a seller’s market with 4.8 months supply of homes.
McCormick County, SC
McCormick County, SC is in a seller’s market with 4.8 months supply of homes.
Laurens County, SC
Laurens County, SC is in a seller’s market with 4.4 months supply of homes.
Sumter County, SC
Sumter County, SC is in a seller’s market with 4.3 months supply of homes.
Newberry County, SC
Newberry County, SC is in a seller’s market with 4.1 months supply of homes.
Clarendon County, SC
Clarendon County, SC is in a seller’s market with 4 months supply of homes.
Marlboro County, SC
Marlboro County, SC is in a seller’s market with 4 months supply of homes.
Cherokee County, SC
Cherokee County, SC is in a seller’s market with 3.8 months supply of homes.
Union County, SC
Union County, SC is in a seller’s market with 3.6 months supply of homes.
Florence County, SC
Florence County, SC is in a seller’s market with 3.5 months supply of homes.
Hampton County, SC
Hampton County, SC is in a seller’s market with 3.4 months supply of homes.
Oconee County, SC
Oconee County, SC is in a seller’s market with 3.2 months supply of homes.
Anderson County, SC
Anderson County, SC is in a seller’s market with 2.8 months supply of homes.
Berkeley County, SC
Berkeley County, SC is in a seller’s market with 2.8 months supply of homes.
Aiken County, SC
Aiken County, SC is in a seller’s market with 2.7 months supply of homes.
Charleston County, SC
Charleston County, SC is in a seller’s market with 2.7 months supply of homes.
Dorchester County, SC
Dorchester County, SC is in a seller’s market with 2.7 months supply of homes.
Greenville County, SC
Greenville County, SC is in a seller’s market with 2.7 months supply of homes.
Pickens County, SC
Pickens County, SC is in a seller’s market with 2.7 months supply of homes.
Beaufort County, SC
Beaufort County, SC is in a seller’s market with 2.6 months supply of homes.
Spartanburg County, SC
Spartanburg County, SC is in a seller’s market with 2.6 months supply of homes.
Darlington County, SC
Darlington County, SC is in a seller’s market with 2.5 months supply of homes.
Allendale County, SC
Allendale County, SC is in a seller’s market with 2.3 months supply of homes.
Barnwell County, SC
Barnwell County, SC is in a seller’s market with 2.3 months supply of homes.
York County, SC
York County, SC is in a seller’s market with 2.2 months supply of homes.
Lancaster County, SC
Lancaster County, SC is in a seller’s market with 2 months supply of homes.
Jasper County, SC
Jasper County, SC is in a seller’s market with 0.8 months supply of homes.
State by State: Is it a Good Time to Buy a House?
Is Now a Good Time to Buy a House in the US? (Or Wait)
Is Now a Good Time to Buy a House in North Carolina? (Or Wait)
Is Now a Good Time to Buy a House in Maryland? (or wait?)
Is Now a Good Time to Buy a House in PA? (Where to Buy)
Is Now a Good Time to Buy a House in NJ?
Is Now a Good Time to Buy a House in New York? (Where to Buy)
Is Now a Good Time to Buy a House in CT? (Where to Buy)
Is Now a Good Time to Buy a House in Virginia? (Or Wait?)
Is Now a Good Time to Buy a House in South Carolina? (Or Wait)
Is Now a Good Time to Buy a House in Georgia? (Or Wait?)
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