Housing

The Cheapest and Most Expensive Housing Markets in South Carolina

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Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some South Carolina cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in South Carolina is worth $216,200. But across the 20 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from $165,000 to over $600,000.

In any local market, home prices are often a reflection of what residents can afford. In South Carolina, many of the least expensive cities for homebuyers are not high-income areas. Of the 20 places in South Carolina with available data from the ACS, 5 have a median home value that is less than the statewide median. In each of these places, the typical household earns less than the statewide median household income of $63,623. Similarly, most of South Carolina’s more expensive housing markets have higher earning populations.

Why It Matters

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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in South Carolina.

20. Spartanburg

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  • Median home value: $165,000
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 53.0%
  • Median household income: $49,140
  • Total population: 38,301

19. Sumter

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  • Median home value: $171,400
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 54.0%
  • Median household income: $48,900
  • Total population: 43,046

18. Florence

DenisTangneyJr / iStock via Getty Images
  • Median home value: $175,700
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 59.0%
  • Median household income: $56,031
  • Total population: 39,931

17. Anderson

CC BY-SA 3.0 / Wikimedia Commons
  • Median home value: $177,300
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 50.0%
  • Median household income: $40,445
  • Total population: 29,345

16. Conway

Public Domain / Wikimedia Commons
  • Median home value: $202,000
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 60.9%
  • Median household income: $48,161
  • Total population: 25,121

15. Mauldin

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  • Median home value: $220,600
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 67.0%
  • Median household income: $75,565
  • Total population: 25,267

14. Columbia

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  • Median home value: $226,200
  • Homes worth over $1 million: 3.2%
  • Homeownership rate: 47.0%
  • Median household income: $54,095
  • Total population: 136,754

13. Rock Hill

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  • Median home value: $232,500
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 51.8%
  • Median household income: $60,807
  • Total population: 74,170

12. Aiken

Public Domain / Wikimedia Commons
  • Median home value: $235,500
  • Homes worth over $1 million: 1.3%
  • Homeownership rate: 68.8%
  • Median household income: $65,712
  • Total population: 32,014

11. Greer

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  • Median home value: $239,400
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 71.0%
  • Median household income: $73,534
  • Total population: 37,010

10. North Charleston

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  • Median home value: $243,300
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 49.4%
  • Median household income: $58,534
  • Total population: 115,755

9. Goose Creek

US Navy / Public Domain / Wikimedia Commons
  • Median home value: $250,100
  • Homes worth over $1 million: 0.0%
  • Homeownership rate: 70.4%
  • Median household income: $84,041
  • Total population: 45,858

8. Summerville

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  • Median home value: $276,600
  • Homes worth over $1 million: 0.6%
  • Homeownership rate: 68.7%
  • Median household income: $73,712
  • Total population: 50,839

7. Myrtle Beach

Sean Pavone / iStock via Getty Images
  • Median home value: $287,900
  • Homes worth over $1 million: 5.1%
  • Homeownership rate: 60.6%
  • Median household income: $50,558
  • Total population: 36,064

6. Bluffton

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  • Median home value: $390,200
  • Homes worth over $1 million: 8.3%
  • Homeownership rate: 82.3%
  • Median household income: $99,575
  • Total population: 29,375

5. Greenville

Sean Pavone / iStock via Getty Images
  • Median home value: $403,300
  • Homes worth over $1 million: 8.9%
  • Homeownership rate: 41.6%
  • Median household income: $65,519
  • Total population: 70,838

4. Fort Mill

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  • Median home value: $414,600
  • Homes worth over $1 million: 4.9%
  • Homeownership rate: 84.2%
  • Median household income: $128,125
  • Total population: 26,022

3. Charleston

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  • Median home value: $438,900
  • Homes worth over $1 million: 10.7%
  • Homeownership rate: 55.6%
  • Median household income: $83,891
  • Total population: 149,960

2. Hilton Head Island

Sean Pavone / iStock via Getty Images
  • Median home value: $589,000
  • Homes worth over $1 million: 19.6%
  • Homeownership rate: 80.7%
  • Median household income: $93,694
  • Total population: 37,708

1. Mount Pleasant

krblokhin / iStock Editorial via Getty Images
  • Median home value: $608,600
  • Homes worth over $1 million: 16.3%
  • Homeownership rate: 72.5%
  • Median household income: $115,167
  • Total population: 90,945
Rank Places in South Carolina with at least 25,000 residents Median home value ($) Homeownership rate (%) Median household income ($) Total Population
1 Mount Pleasant 608,600 72.5 115,167 90,945
2 Hilton Head Island 589,000 80.7 93,694 37,708
3 Charleston 438,900 55.6 83,891 149,960
4 Fort Mill 414,600 84.2 128,125 26,022
5 Greenville 403,300 41.6 65,519 70,838
6 Bluffton 390,200 82.3 99,575 29,375
7 Myrtle Beach 287,900 60.6 50,558 36,064
8 Summerville 276,600 68.7 73,712 50,839
9 Goose Creek 250,100 70.4 84,041 45,858
10 North Charleston 243,300 49.4 58,534 115,755
11 Greer 239,400 71.0 73,534 37,010
12 Aiken 235,500 68.8 65,712 32,014
13 Rock Hill 232,500 51.8 60,807 74,170
14 Columbia 226,200 47.0 54,095 136,754
15 Mauldin 220,600 67.0 75,565 25,267
16 Conway 202,000 60.9 48,161 25,121
17 Anderson 177,300 50.0 40,445 29,345
18 Florence 175,700 59.0 56,031 39,931
19 Sumter 171,400 54.0 48,900 43,046
20 Spartanburg 165,000 53.0 49,140 38,301

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