South Carolina – The Best is Yet to Come!
South Carolina didn’t just get hit by the Great Recession once; the Palmetto State got nailed twice. After falling into a recession at the end of 2007, economists say South Carolina fell back into a recession in the summer of 2011. Before that, the unemployment rate here sat above 10% for 25 straight months!
But that was a few years ago. What does South Carolina’s housing market have in store for 2013 and beyond?
Good things – at least, if the end of 2012 was any indication!
Thanks to low mortgage rates nationwide, an improving jobs market statewide, and a dwindling impact from distressed properties, people started snapping up the homes for sale in South Carolina. By the time all was said and done, the Palmetto State saw nearly 54,000 homes sold in 2012 – a 12.5% increase compared to 2011. As an added benefit, realtors in South Carolina say those homes sold for slightly higher prices. At the end of 2012, the average home here cost $150,000, which is 1.5% more than it cost in 2011.
Surprisingly, the Palmetto was able to see higher prices without seeing a reduction in inventory. That’s a big difference from the rest of the country – where prices are being driven up because buyers only have a tiny supply to fight over. But realtors in South Carolina say the inventory is very healthy. In fact, at the end of the year, the statewide inventory was 9.5 months. (Typically, an inventory larger than 6 months is considered healthy and balanced.)
In the state capital of Columbia, buying was even stronger. By the end of 2012, the number of home sales here had risen more than 17% when compared to 2011. The last time the Midlands had seen this type of home buying frenzy was back in 2009, when a federal tax credit spurred buyers on!
Down in Charleston, realtors say that 2012’s home sales exceeded their expectations. The number of home sales increased nearly 12% compared to 2011, and prices went up almost 5%. Unlike the rest of the state, though, the inventory in Charleston is going down. At the end of 2012, it was 21% lower than it was at the beginning of the year, but realtors here aren’t concerned. They’re too busy focusing on all of the gains that the Lowcountry has made!
And, the Lowcountry should make additional gains, thanks to a local technology industry that just seems to keep getting bigger!
Pretty good for a state that suffered a double-dip recession, huh?!
Living in South Carolina
Looking for a place to live where you can experience sandy beaches and the majestic splendor of the Blue Ridge Mountains? Known as the “Palmetto State,” South Carolina offers a combination of large, prosperous cities and historic, quaint southern towns.
If you like a change of seasons but not long, frigid winters, you’ll like South Carolina. Known for its humid, subtropical climate, South Carolina offers warm summers and mild winters. Snowfall is rare along the coast, while the interior region is known to receive a bit of now during the coldest months. Freezing rain and ice are much more common for this state.
South Carolina is known for its large textile industry, chemical products, and mills and it ranks second in peach production, right behind California. The state also boasts one of the two commercial tea plantations in the United States, 20 miles south of Charleston on Wadmalaw Island.
Let’s go over some of the fast facts about South Carolina:
- What is the population of South Carolina?
- The population of South Carolina is 4,723,723
- What is the capital of South Carolina?
- The capital of South Carolina is Columbia
- What is the largest city in South Carolina?
- The largest city in South Carolina is Columbia
Rich in history, South Carolina prides itself in its many points of interest, including Fort Sumter, Fort Moultrie, Fort Johnson, and the USS Yorktown, which is docked in the Charleston Harbor.
Speaking of Charleston, its beautiful cobblestone streets and gorgeous historic buildings have long lured people to the waterfront city. The oldest city in South Carolina, Charleston has been named both “Top U.S. City” and “Top Destination in the World” by various publications.
If you enjoy the Arts, the cities of Charleston, Greenville, Columbia, and Spartanburg provide countless museum and performing arts opportunities. Numerous festivals are also held throughout the state during the year to highlight various cultural traditions.
Beach-goers will appreciate the inviting and serene South Carolina coast. From the sands of Hilton Head Island and Myrtle Beach to the coastal resorts outside of Charleston, South Carolina offers relaxation and plenty of family-friendly activities.
South Carolina also features plenty of top-notch colleges, including the College of Charleston, University of South Carolina, Clemson, Furman, and The Citadel, The Military College of South Carolina.
It’s a great mix of yesterday and today!