South Carolina Real Estate Market Outlook

Last year was a dismal period for South Carolina’s economy. With a plummeting demand for home construction, builders are going out of business. The weak demand is attributed to the series of layoffs in the manufacturing, construction, banking and food processing sectors. The economy is being retooled by local officials through fiscal policies. The real estate market is also in the doldrums. The Palmetto State’s foreclosure rate remains high enough for total purchases not to catch up.

Following tighter credit markets, Columbia’s real estate sector takes a heavy tumble. During the boom, home values appreciated by more than 30 percent only to slide down severely. RealtyOutlook.com forecasts a 15 percent loss of value this year. A recognized city for retirees, Columbia can take advantage of this growing market and regain past home prices eventually.

Myrtle Beach’s high-rise units are on a sales drought with investors who were once high on the hog slowly faded away from the city. The local tourism industry suffered from weak arrivals and consequently led some businesses to fold their plans of expansion especially in real estate. With this, the construction and lumber industries have been taken by the wave of bankruptcies.

The area’s vacation home sales remain soft despite cheap prices advertised in the market. This is a persisting problem among sellers who are all hoping for a market comeback within the year. However, this may take a longer period as home prices are projected to lose 13.5 percent more of their values.

As a former Textile Capital of the World, Greenville has come from losing its major industry into regaining an economy fueled by auto manufacturing, high-technology and aviation. But the recession has affected the city’s commerce by way of a slowdown. Homeowners who are currently completing their mortgages are left with no choice but to surrender their houses. Rising foreclosures will definitely send the market in a worse condition. RealtyOutlook.com predicts home values to further fall by 14.5 percent.

Charleston, a community with ubiquitous churches and steeples, was once dominated by investors who were too optimistic then, went for broke in the local property scene. And just like any other story, the housing market went bust. Today, home sales are slowing down with no signs of a faster recovery. The city’s homes will have values lower by 14.5 percent.