More than a year has passed since the COVID-19 national emergency ended. Still, the U.S. is grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in home prices. The typical home on the market in the U.S. had a list price of $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020, according to data from Realtor.com.
In recent years, new-home construction has been hampered by pandemic-related work restrictions and supply chain issues. As a result, inventory has not kept pace with demand, and an already decades-old housing shortage has only worsened. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing supply. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes.
Home prices have also been driven up by surging demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.
Few parts of the country have been spared from surging home prices. In South Carolina, the median list price among all homes on the market was $360,000 in July 2024, up 26.3% — or $75,050 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)
Notably, when it comes to the housing costs, location matters — and in some parts of South Carolina, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest.
Of the 15 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 8.2% to 76.2% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $23,750 to $140,000 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)
This is how home prices have changed since the pandemic in every city in South Carolina. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.
Why It Matters
Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of South Carolina have borne the brunt of rising prices, while others have been largely shielded.
15. Greenwood, SC
- Change in median list price since start of pandemic: +8.2% (+$23,750)
- Median home list price: $312,450 in July 2024; $288,700 in March 2020
- Median list price per square foot: $161 in July 2024; $114 in March 2020
- Size of a typical listed home: 1,887 sq. ft. in July 2024; 2,318 sq. ft. in March 2020
14. Georgetown, SC
- Change in median list price since start of pandemic: +15.3% (+$58,475)
- Median home list price: $439,450 in July 2024; $380,975 in March 2020
- Median list price per square foot: $253 in July 2024; $193 in March 2020
- Size of a typical listed home: 1,800 sq. ft. in July 2024; 1,950 sq. ft. in March 2020
13. Charleston-North Charleston, SC
- Change in median list price since start of pandemic: +23.1% (+$98,000)
- Median home list price: $522,000 in July 2024; $424,000 in March 2020
- Median list price per square foot: $269 in July 2024; $205 in March 2020
- Size of a typical listed home: 2,150 sq. ft. in July 2024; 2,176 sq. ft. in March 2020
12. Myrtle Beach-Conway-North Myrtle Beach, SC-NC
- Change in median list price since start of pandemic: +30.1% (+$78,700)
- Median home list price: $339,900 in July 2024; $261,200 in March 2020
- Median list price per square foot: $231 in July 2024; $160 in March 2020
- Size of a typical listed home: 1,553 sq. ft. in July 2024; 1,650 sq. ft. in March 2020
11. Columbia, SC
- Change in median list price since start of pandemic: +31.5% (+$75,447)
- Median home list price: $315,000 in July 2024; $239,553 in March 2020
- Median list price per square foot: $156 in July 2024; $105 in March 2020
- Size of a typical listed home: 2,038 sq. ft. in July 2024; 2,242 sq. ft. in March 2020
10. Spartanburg, SC
- Change in median list price since start of pandemic: +31.9% (+$74,260)
- Median home list price: $307,240 in July 2024; $232,980 in March 2020
- Median list price per square foot: $168 in July 2024; $117 in March 2020
- Size of a typical listed home: 1,960 sq. ft. in July 2024; 2,082 sq. ft. in March 2020
9. Florence, SC
- Change in median list price since start of pandemic: +32.1% (+$60,577)
- Median home list price: $249,450 in July 2024; $188,873 in March 2020
- Median list price per square foot: $144 in July 2024; $96 in March 2020
- Size of a typical listed home: 1,782 sq. ft. in July 2024; 2,009 sq. ft. in March 2020
8. Hilton Head Island-Bluffton, SC
- Change in median list price since start of pandemic: +32.2% (+$140,000)
- Median home list price: $575,000 in July 2024; $435,000 in March 2020
- Median list price per square foot: $346 in July 2024; $200 in March 2020
- Size of a typical listed home: 1,939 sq. ft. in July 2024; 2,201 sq. ft. in March 2020
7. Seneca, SC
- Change in median list price since start of pandemic: +33.1% (+$99,425)
- Median home list price: $399,375 in July 2024; $299,950 in March 2020
- Median list price per square foot: $216 in July 2024; $133 in March 2020
- Size of a typical listed home: 2,165 sq. ft. in July 2024; 2,450 sq. ft. in March 2020
6. Greenville-Anderson, SC
- Change in median list price since start of pandemic: +36.5% (+$102,025)
- Median home list price: $381,925 in July 2024; $279,900 in March 2020
- Median list price per square foot: $189 in July 2024; $126 in March 2020
- Size of a typical listed home: 2,062 sq. ft. in July 2024; 2,175 sq. ft. in March 2020
5. Sumter, SC
- Change in median list price since start of pandemic: +38.0% (+$74,023)
- Median home list price: $269,000 in July 2024; $194,977 in March 2020
- Median list price per square foot: $141 in July 2024; $94 in March 2020
- Size of a typical listed home: 1,818 sq. ft. in July 2024; 1,910 sq. ft. in March 2020
4. Gaffney, SC
- Change in median list price since start of pandemic: +52.9% (+$84,650)
- Median home list price: $244,550 in July 2024; $159,900 in March 2020
- Median list price per square foot: $155 in July 2024; $90 in March 2020
- Size of a typical listed home: 1,713 sq. ft. in July 2024; 1,724 sq. ft. in March 2020
3. Bennettsville, SC
- Change in median list price since start of pandemic: +72.7% (+$65,075)
- Median home list price: $154,575 in July 2024; $89,500 in March 2020
- Median list price per square foot: $97 in July 2024; $49 in March 2020
- Size of a typical listed home: 1,824 sq. ft. in July 2024; 1,767 sq. ft. in March 2020
2. Orangeburg, SC
- Change in median list price since start of pandemic: +74.6% (+$113,423)
- Median home list price: $265,423 in July 2024; $152,000 in March 2020
- Median list price per square foot: $153 in July 2024; $83 in March 2020
- Size of a typical listed home: 1,773 sq. ft. in July 2024; 1,853 sq. ft. in March 2020
1. Union, SC
- Change in median list price since start of pandemic: +76.2% (+$89,275)
- Median home list price: $206,500 in July 2024; $117,225 in March 2020
- Median list price per square foot: $130 in July 2024; $73 in March 2020
- Size of a typical listed home: 1,657 sq. ft. in July 2024; 1,627 sq. ft. in March 2020
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