SCREC - Housing Supply Overview

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Housing Supply Overview

A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS®

August 2023

New-home sales recently hit a 17-month high, rising 4.4% month-overmonth nationally, according to the U.S. Census Bureau. New-home sales were up 31.5% year-over-year, led by gains in the Midwest and West, where monthly sales jumped 47 4% and 21 5%, respectively The newhome market continues to benefit from the lack of existing-home inventory, and with many builders offering sales incentives, including price reductions and mortgage rate buydowns, homebuyers are increasingly turning to new construction for their next home purchase. For the 12-month period spanning September 2022 through August 2023, Pending Sales in the South Carolina REALTORS® region dropped 18.2 percent overall. The price range with the smallest pending sales loss was the $750,001 to $1,000,000 range, where sales were down 4.9 percent.

The overall Median Sales Price went up 6.9 percent to $324,900. The property type with the largest gain was the Condos segment, where prices were up 7 8 percent to $269,340 The price range that tended to sell the quickest was the $150,001 to $250,000 range at 50 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 77 days.

Market-wide, inventory levels went up 0.8 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale went up 17 6 percent That amounts to 2 4 months of inventory for Single-Family Homes and 2.8 months of inventory for Condos.

Quick Facts

- 4.9% - 14.9% - 17.2%

Price Range with Strongest Sales: $750,001 to $1,000,000 Bedroom Count with Strongest Sales: 4 Bedrooms or More Property Type With Strongest Sales: Single-Family Homes Pending Sales 2 Closed Sales 3 Days On Market Until Sale 4 Median Sales Price 5 Percent of List Price Received 6 Inventory of Homes for Sale 7 Months Supply of Inventory 8 Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingTime

Pending Sales

A count of properties on which offers have been accepted. Based on a rolling 12-month total.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 11,073 7,040 - 36 4% 7,785 5,519 - 29 1% 3,037 1,388 - 54 3% $150,001 to $250,000 25,742 17,930 - 30.3% 19,273 13,113 - 32.0% 6,442 4,808 - 25.4% $250,001 to $350,000 28,605 25,080 - 12 3% 23,800 20,760 - 12 8% 4,773 4,299 - 9 9% $350,001 to $500,000 23,359 20,577 - 11 9% 20,573 18,084 - 12 1% 2,729 2,473 - 9 4% $500,001 to $750,000 11,477 10,499 - 8.5% 10,174 9,340 - 8.2% 1,243 1,142 - 8.1% $750,001 to $1,000,000 3,509 3,336 - 4 9% 3,071 2,932 - 4 5% 408 382 - 6 4% $1,000,001 and Above 3,982 3,640 - 8 6% 3,605 3,325 - 7 8% 360 305 - 15 3% All Price Ranges 107,753 88,105 - 18.2% 88,287 73,076 - 17.2% 18,992 14,797 - 22.1% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 17,549 13,258 - 24.5% 7,339 5,898 - 19.6% 9,989 7,215 - 27.8% 3 Bedrooms 51,966 42,433 - 18 3% 44,321 36,016 - 18 7% 7,469 6,340 - 15 1% 4 Bedrooms or More 37,638 32,026 - 14 9% 36,593 31,162 - 14 8% 968 854 - 11 8% All Bedroom Counts 107,753 88,105 - 18.2% 88,287 73,076 - 17.2% 18,992 14,797 - 22.1%
By Price Range 11,073 25,742 28,605 23,359 11,477 3,509 3,982 7,040 17,930 25,080 20,577 10,499 3,336 3,640 8-2022 8-2023 - 36.4% $150,000 and Below - 30.3% $150,001 to $250,000 - 12.3% $250,001 to $350,000 - 11.9% $350,001 to $500,000 - 8.5% $500,001 to $750,000 - 4.9% $750,001 to $1,000,000 - 8.6% $1,000,001 and Above By Bedroom Count 17,549 51,966 37,638 13,258 42,433 32,026 8-2022 8-2023 - 24.5% 2 Bedrooms or Less - 18.3% 3 Bedrooms - 14.9% 4 Bedrooms or More By Property Type 88,287 18,992 73,076 14,797 8-2022 8-2023 - 17.2% Single-Family Homes - 22.1% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 2

Closed Sales

A count of the actual sales that closed. Based on a rolling 12-month total.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 11,739 7,487 - 36 2% 8,169 5,811 - 28 9% 3,312 1,538 - 53 6% $150,001 to $250,000 27,631 18,559 - 32.8% 20,706 13,569 - 34.5% 6,893 4,979 - 27.8% $250,001 to $350,000 30,537 25,533 - 16 4% 25,489 21,385 - 16 1% 5,014 4,134 - 17 6% $350,001 to $500,000 24,030 20,762 - 13 6% 21,279 18,315 - 13 9% 2,687 2,429 - 9 6% $500,001 to $750,000 11,580 10,797 - 6.8% 10,256 9,667 - 5.7% 1,261 1,105 - 12.4% $750,001 to $1,000,000 3,354 3,336 - 0 5% 2,935 2,930 - 0 2% 390 378 - 3 1% $1,000,001 and Above 3,976 3,488 - 12 3% 3,613 3,191 - 11 7% 345 287 - 16 8% All Price Ranges 112,916 89,963 - 20.3% 92,510 74,869 - 19.1% 19,908 14,850 - 25.4% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 17,901 13,484 - 24.7% 7,354 6,023 - 18.1% 10,319 7,319 - 29.1% 3 Bedrooms 54,694 43,362 - 20 7% 46,530 36,991 - 20 5% 7,976 6,283 - 21 2% 4 Bedrooms or More 39,702 32,714 - 17 6% 38,584 31,855 - 17 4% 1,036 845 - 18 4% All Bedroom Counts 112,916 89,963 - 20.3% 92,510 74,869 - 19.1% 19,908 14,850 - 25.4%
11,739 27,631 30,537 24,030 11,580 3,354 3,976 7,487 18,559 25,533 20,762 10,797 3,336 3,488 8-2022 8-2023 - 36.2% $150,000 and Below - 32.8% $150,001 to $250,000 - 16.4% $250,001 to $350,000 - 13.6% $350,001 to $500,000 - 6.8% $500,001 to $750,000 - 0.5% $750,001 to $1,000,000 - 12.3% $1,000,001 and Above By Bedroom Count 17,901 54,694 39,702 13,484 43,362 32,714 8-2022 8-2023 - 24.7% 2 Bedrooms or Less - 20.7% 3 Bedrooms - 17.6% 4 Bedrooms or More By Property Type 92,510 19,908 74,869 14,850 8-2022 8-2023 - 19.1% Single-Family Homes - 25.4% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 3
By Price Range

Days On Market Until Sale

Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12-month average.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 50 56 + 12 0% 48 53 + 10 4% 52 60 + 15 4% $150,001 to $250,000 38 50 + 31.6% 35 44 + 25.7% 49 66 + 34.7% $250,001 to $350,000 44 65 + 47 7% 44 65 + 47 7% 47 66 + 40 4% $350,001 to $500,000 49 70 + 42 9% 49 71 + 44 9% 52 63 + 21 2% $500,001 to $750,000 48 72 + 50.0% 46 72 + 56.5% 64 69 + 7.8% $750,001 to $1,000,000 52 67 + 28 8% 50 67 + 34 0% 61 70 + 14 8% $1,000,001 and Above 64 77 + 20 3% 63 74 + 17 5% 74 111 + 50 0% All Price Ranges 46 64 + 39.1% 45 63 + 40.0% 51 66 + 29.4% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 54 74 + 37.0% 55 87 + 58.2% 51 62 + 21.6% 3 Bedrooms 42 58 + 38 1% 41 56 + 36 6% 49 68 + 38 8% 4 Bedrooms or More 47 67 + 42 6% 47 67 + 42 6% 54 74 + 37 0% All Bedroom Counts 46 64 + 39.1% 45 63 + 40.0% 51 66 + 29.4%
By Price Range 50 38 44 49 48 52 64 56 50 65 70 72 67 77 8-2022 8-2023 + 12.0% $150,000 and Below + 31.6% $150,001 to $250,000 + 47.7% $250,001 to $350,000 + 42.9% $350,001 to $500,000 + 50.0% $500,001 to $750,000 + 28.8% $750,001 to $1,000,000 + 20.3% $1,000,001 and Above By
54 42 47 74 58 67 8-2022 8-2023 + 37.0% 2 Bedrooms or Less + 38.1% 3 Bedrooms + 42.6% 4 Bedrooms or More By Property Type 45 51 63 66 8-2022 8-2023 + 40.0% Single-Family Homes + 29.4% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 4
Bedroom Count

Median Sales Price

Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median.

All Properties Single-Family Homes Condos By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less $200,000 $226,850 + 13.4% $185,000 $212,500 + 14.9% $211,000 $235,000 + 11.4% 3 Bedrooms $273,000 $291,000 + 6.6% $270,000 $289,900 + 7.4% $280,862 $305,000 + 8.6% 4 Bedrooms or More $394,000 $405,000 + 2.8% $393,870 $405,000 + 2.8% $401,432 $393,779 - 1.9% All Bedroom Counts $304,000 $324,900 + 6.9% $317,000 $335,000 + 5.7% $249,900 $269,340 + 7.8%
By Bedroom Count $200,000 $273,000 $394,000 $226,850 $291,000 $405,000 8-2022 8-2023 + 13.4% 2 Bedrooms or Less + 6.6% 3 Bedrooms + 2.8% 4 Bedrooms or More By Property Type $317,000 $249,900 $304,000 $335,000 $269,340 $324,900 8-2022 8-2023 + 5.7% Single-Family Homes + 7.8% Condos + 6.9% All Properties Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 5

Percent of List Price Received

Percentage found when dividing a property's sales price by its last list price, then taking the average for all properties sold, not accounting for seller concessions. Based on a rolling 12-month average.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 96 8% 94 2% - 2 7% 96 1% 93 7% - 2 5% 98 7% 96 0% - 2 7% $150,001 to $250,000 100.3% 98.4% - 1.9% 100.4% 98.5% - 1.9% 100.2% 97.9% - 2.3% $250,001 to $350,000 100 5% 98 8% - 1 7% 100 6% 98 9% - 1 7% 100 2% 98 4% - 1 8% $350,001 to $500,000 100 4% 98 9% - 1 5% 100 4% 98 9% - 1 5% 100 1% 98 6% - 1 5% $500,001 to $750,000 100.3% 98.8% - 1.5% 100.3% 98.9% - 1.4% 99.9% 98.4% - 1.5% $750,001 to $1,000,000 99 7% 98 2% - 1 5% 99 6% 98 2% - 1 4% 99 8% 98 0% - 1 8% $1,000,001 and Above 98 3% 96 7% - 1 6% 98 2% 96 6% - 1 6% 99 0% 96 9% - 2 1% All Price Ranges 99.9% 98.2% - 1.7% 100.0% 98.3% - 1.7% 99.9% 98.0% - 1.9% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 99.3% 97.3% - 2.0% 98.6% 97.1% - 1.5% 99.9% 97.6% - 2.3% 3 Bedrooms 100 2% 98 4% - 1 8% 100 2% 98 4% - 1 8% 100 1% 98 5% - 1 6% 4 Bedrooms or More 99 9% 98 4% - 1 5% 99 9% 98 4% - 1 5% 99 5% 98 6% - 0 9% All Bedroom Counts 99.9% 98.2% - 1.7% 100.0% 98.3% - 1.7% 99.9% 98.0% - 1.9%
By Price Range 96 8% 100.3% 100.5% 100.4% 100.3% 99 7% 98 3% 94.2% 98 4% 98 8% 98 9% 98 8% 98.2% 96 7% 8-2022 8-2023 - 2.7% $150,000 and Below - 1.9% $150,001 to $250,000 - 1.7% $250,001 to $350,000 - 1.5% $350,001 to $500,000 - 1.5% $500,001 to $750,000 - 1.5% $750,001 to $1,000,000 - 1.6% $1,000,001 and Above By
99 3% 100.2% 99 9% 97.3% 98 4% 98 4% 8-2022 8-2023 - 2.0% 2 Bedrooms or Less - 1.8% 3 Bedrooms - 1.5% 4 Bedrooms or More By Property Type 100 0% 99 9% 98 3% 98.0% 8-2022 8-2023 - 1.7% Single-Family Homes - 1.9% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 6
Bedroom Count

Inventory of Homes for Sale

The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 1,595 1,385 - 13 2% 1,229 1,020 - 17 0% 296 285 - 3 7% $150,001 to $250,000 3,216 2,925 - 9.0% 2,232 1,911 - 14.4% 979 1,007 + 2.9% $250,001 to $350,000 4,909 5,152 + 5 0% 4,162 4,126 - 0 9% 736 1,016 + 38 0% $350,001 to $500,000 4,116 4,241 + 3 0% 3,633 3,659 + 0 7% 478 577 + 20 7% $500,001 to $750,000 2,154 2,379 + 10.4% 1,929 2,024 + 4.9% 222 350 + 57.7% $750,001 to $1,000,000 909 882 - 3 0% 801 775 - 3 2% 103 106 + 2 9% $1,000,001 and Above 1,303 1,380 + 5 9% 1,169 1,255 + 7 4% 128 119 - 7 0% All Price Ranges 18,203 18,345 + 0.8% 15,156 14,771 - 2.5% 2,942 3,460 + 17.6% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 2,449 2,876 + 17.4% 956 1,104 + 15.5% 1,416 1,688 + 19.2% 3 Bedrooms 7,834 8,071 + 3 0% 6,680 6,637 - 0 6% 1,139 1,414 + 24 1% 4 Bedrooms or More 7,773 7,210 - 7 2% 7,520 7,030 - 6 5% 240 170 - 29 2% All Bedroom Counts 18,203 18,345 + 0.8% 15,156 14,771 - 2.5% 2,942 3,460 + 17.6%
By Price Range 1,595 3,216 4,909 4,116 2,154 909 1,303 1,385 2,925 5,152 4,241 2,379 882 1,380 8-2022 8-2023 - 13.2% $150,000 and Below - 9.0% $150,001 to $250,000 + 5.0% $250,001 to $350,000 + 3.0% $350,001 to $500,000 + 10.4% $500,001 to $750,000 - 3.0% $750,001 to $1,000,000 + 5.9% $1,000,001 and Above By Bedroom
2,449 7,834 7,773 2,876 8,071 7,210 8-2022 8-2023 + 17.4% 2 Bedrooms or Less + 3.0% 3 Bedrooms - 7.2% 4 Bedrooms or More By Property Type 15,156 2,942 14,771 3,460 8-2022 8-2023 - 2.5% Single-Family Homes + 17.6% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 7
Count

Months Supply of Inventory

The inventory of homes for sale at the end of the most recent month, divided by the average monthly pending sales from the last 12 months. Based on one month of activity.

All Properties Single-Family Homes Condos By Price Range 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change $150,000 and Below 1 7 2 4 + 41 2% 1 9 2 2 + 15 8% 1 2 2 5 + 108 3% $150,001 to $250,000 1.5 2.0 + 33.3% 1.4 1.7 + 21.4% 1.8 2.5 + 38.9% $250,001 to $350,000 2 1 2 5 + 19 0% 2 1 2 4 + 14 3% 1 9 2 8 + 47 4% $350,001 to $500,000 2 1 2 5 + 19 0% 2 1 2 4 + 14 3% 2 1 2 8 + 33 3% $500,001 to $750,000 2.3 2.7 + 17.4% 2.3 2.6 + 13.0% 2.1 3.7 + 76.2% $750,001 to $1,000,000 3 1 3 2 + 3 2% 3 1 3 2 + 3 2% 3 0 3 3 + 10 0% $1,000,001 and Above 3 9 4 5 + 15 4% 3 9 4 5 + 15 4% 4 3 4 7 + 9 3% All Price Ranges 2.0 2.5 + 25.0% 2.1 2.4 + 14.3% 1.9 2.8 + 47.4% By Bedroom Count 8-2022 8-2023 Change 8-2022 8-2023 Change 8-2022 8-2023 Change 2 Bedrooms or Less 1.7 2.6 + 52.9% 1.6 2.2 + 37.5% 1.7 2.8 + 64.7% 3 Bedrooms 1 8 2 3 + 27 8% 1 8 2 2 + 22 2% 1 8 2 7 + 50 0% 4 Bedrooms or More 2 5 2 7 + 8 0% 2 5 2 7 + 8 0% 3 0 2 4 - 20 0% All Bedroom Counts 2.0 2.5 + 25.0% 2.1 2.4 + 14.3% 1.9 2.8 + 47.4%
By Price Range 1 7 1.5 2 1 2 1 2.3 3 1 3 9 2 4 2.0 2.5 2.5 2.7 3.2 4.5 8-2022 8-2023 + 41.2% $150,000 and Below + 33.3% $150,001 to $250,000 + 19.0% $250,001 to $350,000 + 19.0% $350,001 to $500,000 + 17.4% $500,001 to $750,000 + 3.2% $750,001 to $1,000,000 + 15.4% $1,000,001 and Above By Bedroom Count 1 7 1 8 2.5 2.6 2 3 2 7 8-2022 8-2023 + 52.9% 2 Bedrooms or Less + 27.8% 3 Bedrooms + 8.0% 4 Bedrooms or More By Property Type 2.1 1.9 2 4 2 8 8-2022 8-2023 + 14.3% Single-Family Homes + 47.4% Condos Current as of September 10, 2023 All data from the Multiple Listing Services of NC and SC Provided by South Carolina REALTORS® Report © 2023 ShowingT me | 8

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