Home prices in SC soared by double digits in July. Here’s where that slowed buying the most

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South Carolina home prices jumped by double digits in July year over year, continuing a trend of rising costs that have caused a market cool down and drop in buying.

The South Carolina housing market saw a 17.6% jump in median sales prices in July, year over year, the latest South Carolina Realtors statistics show. Inversely, nearly every housing market in the Palmetto State saw a double-digit drop in home sales in July. The shift is part of a larger cooling trend in the U.S. housing market as more buyers have been priced out, industry experts say.

Greenwood, at 36.2%, had the biggest year-over-year median price increase in July. The median sales price in the market was $251,950 in July, up from $184,950 a year ago.

Greenwood also had the biggest drop in home sales year over year in July. The statistics show home sales in the market decreased 27.2%.

The most expensive market in July was the Hilton Head area with a median price of $482,870, up from $440,000 a year ago. And Hilton Head had the second biggest drop in home sales — a 26.2% decrease in July compared to a year ago.

Cherokee County was the only market to see a rise in home sales in July, at 63.3%, compared to the same month last year.

According to a South Carolina Realtors report, much of the U.S. housing market continued to cool in July after two years of intense gains. Rising mortgage rates and record-high sales prices have stifled affordability, weakened demand and priced out more buyers.

“Nationally, median household income has failed to keep pace with increasing mortgage payments, with the cost of buying a home about 80% more expensive now than they were just three summers ago,” the report states. “At a time of year when home buying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month.”

Here is a list of the median home prices for every South Carolina market in July 2021 and July 2022.

  • Aiken: $247,000 (2021) | $275,000 (2022) | 11.3%

  • Beaufort: $299,000 (2021) | $387,500 (2022) | 29.6%

  • Central Carolina: $190,000 (2021) | $203,000 (2022) | 6.8%

  • Charleston Trident: $336,000 (2021) | $387,740 (2022) | 15.4%

  • Cherokee County: $184,000 (2021) | $180,000 (2022) | -2.2%

  • Coastal Carolinas: $259,000 (2021) | $318,250 (2022) | 22.9%

  • Greater Augusta: $249,900 (2021) | $281,035 (2022) | 12.5%

  • Greater Columbia: $229,000 (2021) | $274,818 (2022) | 20%

  • Greater Greenville: $265,000 (2021) | $317,390 (2022) | 19.8%

  • Greenwood: $184,950 (2021) | $251,950 (2022) | 36.2%

  • Hilton Head area: $440,000 (2021) | $482,870 (2022) | 9.7%

  • Pee Dee: $185,950 (2021) | $205,000 (2022) | 10.2%

  • Piedmont Regional: $330,000 (2021) | $382,000 (2022) | 15.8%

  • Spartanburg: $225,000 (2021) | $264,950 (2022) | 17.8%

  • Sumter/Clarendon County: $214,250 (2021) | $240,000 (2022) | 12%

  • Western Upstate: $244,950 (2021) | $279,000 | (2022) | 13.9%

Here is a list of the home sales for every South Carolina housing market in July 2021 and July 2022.

  • Aiken: 339 (2021) | 265 (2022) | -21.8%

  • Beaufort: 273 (2021) | 231 (2022) | -15.4%

  • Central Carolina: 32 (2021) | 29 (2022) | -9.4%

  • Charleston Trident: 2,308 (2021) | 1,818 (2022) | -21.3%

  • Cherokee County: 30 (2021) | 49 (2022) | 63.3%

  • Coastal Carolinas: 1,775 (2021) | 1,416 (2022) | -20.2%

  • Greater Augusta: 1,017 (2021) | 801 (2022) | -21.2%

  • Greater Columbia: 1,498 (2021) | 1,259 (2022) | -16%

  • Greater Greenville: 1,574 (2021) | 1,399 (2022) | -11.1%

  • Greenwood: 125 (2021) | 91 (2022) | -27.2%

  • Hilton Head area: 623 (2021) | 460 (2022) | -26.2%

  • Pee Dee: 277 (2021) | 231 (2022) | -16.6%

  • Piedmont Regional: 801 (2021) | 688 (2022) | -14.1%

  • Spartanburg: 492 (2021) | 472 (2022) | -4.1%

  • Sumter/Clarendon County: 215 (2021) | 185 (2022) | -14%

  • Western Upstate: 594 (2021) | 528 (2022) | -11.1%