Breaking News
More () »

Median housing prices surpass $300,000 statewide

A real estate agent says for buyers trying to get into the market, this is the worst time to try.

COLUMBIA, S.C. — The median house price has passed $300,000 in South Carolina. Here in the Midlands, the average house price is $275,000. 

According to the most recent market reports, the median sales price is up 17.2% in Columbia since last year.

Real estate agent Graeme Moore says during the pandemic, interest rates plummeted and house prices increased, but now interest rates are soaring. 

“Its becoming tougher and tougher for folks to find homes," Moore said. “In Columbia, before the pandemic, median prices were below $200,000. Now, we are in the mid $200’s. That is just a tremendous increase in a really short period of time.”

RELATED: 'A lot worse than 2021': Real estate agent says housing market is even tighter

Morris Lyles, former President of the South Carolina Association of Realtors, says the higher interest rates will force some people to put buying a house on hold.

“On a typical mortgage you can see it adding $400 to $600 a month," Lyles said. “The mortgage rates going up will sort of cool the market a little and make it a little easier to potentially purchase a home.” 

Last year, SC Housing helped nearly 1,600 families purchase their first home, and nearly $13 million in funding went toward down payment assistance.

RELATED: Americans face triple whammy as rent, gas and electric bills surge

Chris Winston with SC Housing says there are programs available to help those looking to get into the market.

County First, that’s where in 24 rural counties in South Carolina, we have additional down payment assistance, as well as guaranteed, fixed low interest rates that we provide.”

“If you have the ability to sort of wait right now on buying a house, I don’t think that’s the worst idea in the world,” Moore said.

For more information on how to apply for housing assistance, head to the SC Housing website.

RELATED: Housing shortage, soaring rents squeeze US college students

Paid Advertisement

Before You Leave, Check This Out