2 SC housing markets to lead the US in 2023, realtors say

A for sale sign sits outside a home.

A for sale sign sits outside a home.

alslitz@charlotteobserver.com

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.

  1. Better housing affordability
  2. Greater number of renters who can afford median-priced homes
  3. Stronger job growth
  4. Faster growth of information industry jobs
  5. Larger share of information industry among local GDPs
  6. Population growth
  7. Change of active listings
  8. Share or work from home
  9. Smaller housing shortages
  10. 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.

  1. Atlanta, Georgia
  2. Raleigh, North Carolina
  3. Dallas-Forth Worth-Arlington, Texas
  4. Fayetteville-Springdale-Rogers, Arkansas-Missouri
  5. Greenville, South Carolina
  6. Charleston, South Carolina
  7. Huntsville, Alabama
  8. Jacksonville, Florida
  9. San Antonio, Texas
  10. Knoxville, Tennessee

Patrick McCreless is the service journalism editor for The State, where he and a team of reporters write about trending news of the day and topics that help readers in their daily lives and better inform them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.

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