News Summary
Home prices in South Carolina have risen by 1.6%, with a median price of $392,200. While inventory has increased significantly, first-time homebuyers may benefit from new assistance programs introduced by the South Carolina Housing Authority. The demand for housing remains strong, driven by population growth and current market conditions.
Charleston, SC – Rising Home Prices and Expanding Opportunities for Homebuyers in 2025
Home prices in South Carolina have increased by 1.6% year-over-year as of May 2025, reaching a median price of $392,200. With this rise, 7,389 homes were sold, marking a 1.0% increase from the previous year. Despite the notable price growth, homebuyers also face a rapidly increasing inventory, as the number of homes for sale in the state rose to 37,838, which represents a 13.7% year-over-year increase.
Certain metro areas within South Carolina have shown particularly significant price increases. The top ten fastest-growing areas based on sales prices are:
1. Tega Cay
2. Murrells Inlet
3. Hanahan
4. Socastee
5. Lake Wylie
6. Simpsonville
7. Moncks Corner
8. Greenville
9. Florence
10. Greer
Notably, Charleston did not rank among these top ten cities for home price increases. Although prices are climbing, some homeowners are adjusting their expectations based on market conditions. In May 2025, 14.3% of homes sold were above the list price, a decrease from the previous year, while homes experiencing price drops accounted for 29.6% of sales, up from 26% in the prior year. These trends suggest that while demand remains high, buyers may be finding less competition at the upper end of the market.
The ongoing increase in home prices is attributed to several factors, including heightened demand amplified by South Carolina’s status as one of the fastest-growing states by population, coupled with relatively high mortgage interest rates. As more people move into the state, the demand for housing continues to rise, putting pressure on prices.
In response to this growing demand and to help address affordability, the South Carolina Housing Authority (SCHDA) is planning to enhance its assistance programs. Starting December 16, 2024, the SCHDA will provide an additional $2,000 toward down payments for qualified first-time homebuyers. Last fiscal year, the SCHDA assisted in the purchase of 1,743 homes, totaling $378 million, and anticipates expanding its support options.
First-time homebuyers can access up to $10,000 in zero-interest forgivable loans to cover down payment and closing costs, with income eligibility limits that vary by county. Additionally, the assistance program has a maximum home purchase price set at $425,000. Eligible homebuyers are required to complete a homebuyer education course and must maintain a credit score of at least 640. Special programs designed for public service workers offer further benefits and assistance.
To fund these important housing initiatives, the SCHDA plans to sell $175 million in mortgage revenue bonds in the coming year, with plans to potentially double that investment later in 2025. These measures aim to help both the housing market and those seeking to enter it, ensuring that first-time buyers have the resources they need amidst a competitive landscape.
As South Carolina continues to see shifts in home pricing and availability, these developments reflect the larger trends shaping the state’s real estate market in 2025. While challenges remain, ongoing support for homebuyers indicates a commitment to ensuring a diverse range of opportunities in the housing sector.
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Additional Resources
- The State
- Wikipedia: South Carolina
- WISTV
- Google Search: South Carolina housing market
- Ramsey Solutions
- Google Scholar: South Carolina real estate
- Bankrate
- Encyclopedia Britannica: Real Estate
- WLTX
- Google News: South Carolina housing assistance
Author: STAFF HERE HILTON HEAD
The HILTON HEAD STAFF WRITER represents the experienced team at HEREHiltonHead.com, your go-to source for actionable local news and information in Hilton Head Island, Beaufort County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the RBC Heritage golf tournament, Hilton Head Island Wine & Food Festival, and the Gullah Celebration. Our coverage extends to key organizations like the Hilton Head Island-Bluffton Chamber of Commerce and Community Foundation of the Lowcountry, plus leading businesses in tourism and hospitality that power the local economy such as Sea Pines Resort and Sonesta Resort Hilton Head Island. As part of the broader HERE network, including HEREAiken.com, HEREBeaufort.com, HEREChapin.com, HERECharleston.com, HEREClinton.com, HEREColumbia.com, HEREGeorgetown.com, HEREGreenwood.com, HEREGreenville.com, HEREHiltonHead.com, HEREIrmo.com, HEREMyrtleBeach.com, HERENewberry.com, HERERockHill.com, and HERESpartanburg.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
