© 2024 South Carolina Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

While South Carolina home prices finished 2023 in upswing, rents are lower than recent peaks

DC Studio

Median home sale prices in South Carolina finished 2023 on the upswing, as rents finished the year down from their peaks in every market.

Across the state, in the aggregate, median home sales closed 2023 0.7% higher than where they were at the end of 2022, according to data published by Redfin.

There were a few oddities in some markets, such as in Rock Hill. Median home prices in York County in December were 3.2% lower than a year earlier. At the same time, median home prices in Rock Hill, the county’s largest city, ended December 16.6% above where they were in December, 2022.

Meanwhile, numbers released Tuesday by ApartmentList show that average rents around the state – although still well into four figures – are noticeably lower than they were at their peaks.

Rents peaked in the summer of 2022 for apartments in Greenville, Horry, and Richland counties; and they peaked in the summer and fall of 2023 in the Low Country, where average rents were and remain the highest.

Average rents in Mount Pleasant are still the highest in the state. Average January rent in Mount Pleasant was $2,076 – higher by $377 to the next-highest average, Beaufort County.

Meanwhile, average rents in Rock Hill dropped 6.2% compared to where they were at the end of 2022, and were almost $100 dollars lower in January than they were at their peak last July.

For perspective, however: citywide rents were still 31.2% higher this month than they were at the beginning of the COVID pandemic in 2020, according to ApartmentList.

Scott Morgan is the Upstate multimedia reporter for South Carolina Public Radio, based in Rock Hill. He cut his teeth as a newspaper reporter and editor in New Jersey before finding a home in public radio in Texas. Scott joined South Carolina Public Radio in March of 2019. His work has appeared in numerous national and regional publications as well as on NPR and MSNBC. He's won numerous state, regional, and national awards for his work including a national Edward R. Murrow.