Two South Carolina housing markets are poised to outperform most others in the US next year, according to the National Association of Realtors.
The top 10 housing markets to watch in 2023 are all in the South, a recent report from the association says. And South Carolina was the only state to have two housing markets listed in the report.
Those two housing markets include the Greenville and the Charleston metro areas.
While the nation overall has seen a slowdown in housing, the South is expecting to maintain booming growth in 2023.
“The demand for housing continues to outpace supply,” NAR Chief Economist Lawrence Yun said in the report. “The economic conditions in place in the top 10 US markets — all of which are located in the South — provide the support for home prices to climb by at least 5% in 2023.”
The association chose the markets based on 10 economic indicators.
- Better housing affordability
- Greater number of renters who can afford median-priced homes
- Stronger job growth
- Faster growth of information industry jobs
- Larger share of information industry among local GDPs
- Population growth
- Change of active listings
- Share or work from home
- Smaller housing shortages
- Greater migration
Both the Greenville and Charleston housing markets have seen gains in home prices and demand this year.
According to the latest South Carolina Realtors statistics, the year-to-date median sales price for a home in the Greenville market was $303,500 as of November, up 15.8% over the previous year.
For the Charleston market, the median sales price was $387,028, up 14.7%, year over year.
Meanwhile, the average days on the market for homes were down 13.8% in Greenville and 21.9% in Charleston year to date, indicating strong demand.
And while both markets have also seen declines in sales this year in part because of the rising prices, both markets still have median prices below the national median of $417,000 in November — meaning they’re still relatively more affordable than many other markets in the US
Here are the top 10 housing markets expected to lead the US in 2023, according to the National Association of Realtors.
- Atlanta, Georgia
- Raleigh, North Carolina
- Dallas-Forth Worth-Arlington, Texas
- Fayetteville-Springdale-Rogers, Arkansas-Missouri
- Greenville, South Carolina
- Charleston, South Carolina
- Huntsville, Alabama
- Jacksonville, Florida
- San Antonio, Texas
- Knoxville, Tennessee