Blog

Columbia, SC: Real Estate Market & Trends 2016

Slow and steady is the theme for the Columbia real estate market in 2016. The median home price for Columbia real estate was $165,500 during the second quarter, compared to the national average of $239,167. Although price growth has slowed in recent months, home prices are actually up from a year ago. Like Albany, New York and Richmond, Virginia, the Columbia real estate market also witnessed minimal gains in terms of total equity during the first-half, which saw properties appreciate at a much slower rate than the rest of the country. However, a combination of new housing construction and home affordability should continue to push the Columbia real estate market in the right direction in 2016.

Columbia, SC Real Estate Market Statistics:

Columbia real estate investments

One of the primary benefits of homeownership is total equity appreciation. Earned equity for Columbia real estate continues to experience subpar numbers in 2016, falling drastically behind the national average, as the one-year appreciation rate for Columbia real estate was 5.2 percent during the second quarter, compared to the national average of 4.9 percent. However, things begin to severely slow down in year-three, as appreciation rates for Columbia real estate rose slightly to 11.7 percent, while home appreciation across the country grew at a rate of 17.8 percent. The trend continued from year-five to year-seven, with appreciation gains for the Columbia real estate market continuing to fall short of the national average. That said, Columbia real estate investing could heat up in the next few years as the market begins to trend upwards. For those considering Columbia real estate investments, the following provides a breakdown of appreciation rates in previous years:

  • Homes purchased in the Columbia, SC housing market one year ago have appreciated, on average, by $10,797. The national average was $14,963 over the same period.
  • Homes purchased in the Columbia, SC housing market three years ago have appreciated, on average, by $25,097. The national average was $46,878 over the same period.
  • Homes purchased in the Columbia, SC housing market five years ago have appreciated, on average, by $29,340. The national average was $82,353 over the same period.
  • Homes purchased in the Columbia, SC housing market seven years ago have appreciated, on average, by $42,745. The national average was $77,054 over the same period.
  • Homes purchased in the Columbia, SC housing market nine years ago have appreciated, on average, by $35,661. The national average was $31,126 over the same period.

In terms of equity, the Columbia real estate market continues to experience marginal gains in 2016. While homes prices have improved, the rate of appreciation remains unfavorable for Columbia real estate investors and homeowners alike.

As of July 2016, there are currently 1,873 properties in Columbia, South Carolina in some stage of foreclosure. According to RealtyTrac, the number of Columbia foreclosures in the month of July was 13 percent lower than the previous month and five percent lower than the same period in 2015. That said, the number of REO properties in Columbia fell 4.3 percent from the previous month, but skyrocketed 187 percent from the same time last year.

Columbia, SC: Real Estate Market Summary:

Columbia real estate investing

  • Current Median Home Price: $165,500
  • 1-Year Appreciation Rate: 5.2%
  • 3-Year Appreciation Rate: 11.7%
  • Unemployment Rate: 5.9%
  • 1-Year Job Growth Rate: 2.7%
  • Population: 133,358
  • Median Household Income: $40,550

Columbia, SC: Real Estate Market (2016) — Q2 Updates:

Columbia housing market

The first-half hasn’t been all that bad for the Columbia real estate market, as home affordability and new construction continue to remain favorable in 2016. Columbia real estate investors and homeowners paid 8.7 percent of their income to mortgage payments in the second quarter, while the national average paid 15.8 percent. Although historically strong with a monthly mortgage payment-to-income ratio of 11.0 percent, the Columbia housing market continues to improve and is now one of the more affordable markets in the nation. Another aspect to consider is new housing construction in Columbia. The current level of construction is 26.1 percent above the long-term average, with single-family housing permits growing at a rate of 8.5 percent. The latest numbers reveal construction is on the rise relative to last year, which suggest the local inventory has stabilized.

For Columbia real estate investors and homeowners, the health of the local economy is another component to pay attention to. Unemployment in Columbia continues to lag behind the national average, as the current unemployment rate is 5.3 percent versus the national average of 4.9 percent. On the bright side, however, one-year job growth continues to outpace the rest of the nation. Job growth in Columbia grew at a rate of 2.7 percent during the second quarter, compared to the national average of 1.9 percent, and should continue the upward trend in the second-half of 2016.

Moving forward, the Columbia real estate market should see decent growth in the second-half of 2016. The National Association of Realtors (NAR) has forecasted higher price growth in South Carolina than in the U.S. in the next 12 months. As of July, price expectations for South Carolina real estate is currently at 4.3 percent, compared to the national average of 3.6 percent. That said, the Columbia real estate market should see steady increases in the second-half of 2016.

*The information contained herein was pulled from third party sites. Although this information was found from sources believed to be reliable, FortuneBuilders Inc. makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Any reliance on this information is at your own risk. All information presented should be independently verified. FortuneBuilders Inc. assumes no liability for any damages whatsoever, including any direct, indirect, punitive, exemplary, incidental, special, or consequential damages arising out of or in any way connected with your use of the information presented.

🔒 Your information is secure and never shared. By subscribing, you agree to receive blog updates and relevant offers by email. You can unsubscribe at any time.