House prices increasing, homes selling faster in Greater Columbia

New construction home sales are brisk in Harvest Glen in West Columbia. (Photo by Terry Ward.)

The median price in the Greater Columbia area for a house increased by $4,250 to $154,250 in February compared to the same month a year ago.

Houses are also selling a lot faster too in Greater Columbia. The average Days-on-the-Market dropped from 98 to 84 in February compared to February 2016.

The South Carolina Realtors released February housing market data, Tuesday. Greater Columbia includes much of the Richland, Lexington and Kershaw county area.

But the number of houses sold in the Greater Columbia area dropped by 3.3 percent in February, compared to February 2016. Statewide homes sales were up by almost 2 percent.  When the homes sales of January and February are combined, the numbers are up 3.2 percent.

Statewide the median price jumped 7 percent in February from $167,417 in 2016 to $180,000 in 2017.
Statewide Days on the Market dropped from 11 days to 103 days.

The report also indicated that statewide the inventory of homes for sale decreased by 6 percent to 32,129 units. The months supply of inventory was down by eleven percent to almost five months.

S.C. Realtors CEO Nick Kremydas said factors are coming together that could drive home prices up.
“A projected increase in interest rates coupled with continued inventory shortage could result in higher prices, thus impacting affordability in some areas,” Kremydas said.