South Carolina Real Estate Market: When will My Home Value Return?

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South Carolina Real Estate Market: When will Home Values Return?

The national foreclosure problem has not escaped South Carolina. In fact, nearly 21 percent of all homes in the first quarter were in foreclosure, according to RealtyTrac. This number is an increase from 2009, when 19.82 percent of all homes in South Carolina were in foreclosure.

It is important to point out that South Carolina’s foreclosure numbers are still far below the national average of 31 percent. If you own a home, however, the value has weakened over the last year; the average price of a home in South Carolina is now $143,688, a 20-percent decrease from the year prior.

The Drop in Home Values

However, there is good news on the horizon. For the home you own in South Carolina, according to the Case-Shiller Price Index, its value is expected to return to the 2007-2008 values by 2013-2014.

It’s no secret why home values have gradually dropped in South Carolina; first-time homebuyers and foreclosure sales have both driven down the median sales price of homes. Lenders are continuing to unload distressed properties at record levels, thereby worrying many analysts that these distressed properties will cause an even more dramatic price deterioration throughout South Carolina for the second half of 2010.

There is clear data that shows when banks began repossessing large numbers of homes during the first half of 2010, home prices began dropping substantially. RealtyTrac reports that when homes go into lender ownership, their price automatically decreases 27 percent. The decrease in home prices is evident across the state:

  • Anderson – average foreclosure discount 13.25 percent

  • Charleston-North – average foreclosure discount 24.75 percent

  • Charleston – average foreclosure discount 39.57 percent

  • Columbia – average foreclosure discount 35.86 percent

  • Conway – Myrtle Beach – average foreclosure discount 27.34 percent

  • Greenville - average foreclosure discount 17.13 percent

  • Easley/Spartanburg - average foreclosure discount 17.13 percent

South Carolina ranked 20th among the nation’s foreclosures; among all homes sold in South Carolina, one in five is in some state of foreclosure. Compared to the national average of one in three homes, South Carolina’s foreclosure problem is not significant when compared to other states. However, the number of foreclosures is expected to increase throughout 2010 as more banks become more adept at handling foreclosures.

The economic downturn in South Carolinas has taken its toll on other areas as well, including high unemployment rates, business closings and layoffs. The areas of South Carolina that are bucking this trend, however, include Greenville and Myrtle Beach, both of which have shown modest rebounds.

In short, South Carolina is fairing better than many other states in terms of home values and foreclosure rates. Your home value, according to the Case-Shiller Price Index, is expected to return to its 2007-2008 values by 2013-2014.


10 Largest Cities in South Carolina::

1. Columbia 116,278   6. Mount Pleasant 47,609
2. Charleston 96,650 7. Spartanburg 39,673
3. North Charleston 79,641 8. Sumter 39,643
4. Greenville 56,002 9. Hilton Head Island 33,862
5. Rock Hill 49,765 10. Florence 30,248

 

 

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