South Carolina Real Estate Market Trends & Analysis

The South Carolina real estate market remains the primary beneficiary of a very healthy economy. Thanks to a relatively low cost of living, strong natural amenities, and an incredibly attractive jobs industry, South Carolina has become the focal point of positive net migration. South Carolina is now one of the fastest growing states in the country, and looks as if it will continue to attract job seekers and retirees.

Perhaps even more importantly, The Palmetto State’s strengthening economy has generated a high demand for housing. That, combined with a high foreclosure rate and relatively affordable housing prices have made South Carolina a great place for real estate investors to set up shop.

South Carolina Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 4 - 7 months
Notice of Sale: Court
Redemption Period: None

Taxes

Income Tax: 0-7.00%
Corporate Tax: 5%
Sales Tax: 6%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.50%
Property Taxes by County: http://www.tax-rates.org/south_carolina/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,494.00
Transfer Fee: Deed 0.37%
Origination Fee: $1,786.00

Overview

  • Median Home Value: $169,800
  • 1-Year Appreciation Rate: +5.9%
  • Median Home Value (1-Year Forecast): +3.1%
  • Median Rent Price: $1,395
  • Price-To-Rent Ratio: 10.14
  • Average Days On Market: 74
  • Unemployment Rate: 3.2% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 5,084,127 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $48,781 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 16.58%
  • Foreclosure Rate: 1 in every 1,688

South Carolina Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Lien state
  • Interest Rate: 8-12%
  • Redemption Period: 1 year to 18 months