Home prices increasing, being sold quickly in the Midlands

South Carolina Realtors released its monthly data report Wednesday.  It shows a competitive housing market in the Greater Columbia area using year-to-date information.

And new home listings in the state as a whole are up  compared to last year. The Midlands area shows trends proving that not only are more houses being sold, but they are also being purchased more quickly.

According to the data, there were 5,023 homes/condos/villas sold in 2017 at this time last year. In 2018, the number has risen to 5,290, which is a 5.3 percent increase. Although there are a larger amount of homes being sold, the prices have also gone up along with that number. The median price for home purchases from May of 2017 to May of 2018 have increased from $158,000 to $165,000 (a 4.4 percent increase).

The proof of homes being frequently bought in the Columbia area is even more obvious when looking at the average amount of days homes stay on the market.

In May of 2017, the average amount of days on market was 77. At the same time this year, the days have decreased to only 64. The 16.9 percent decrease shows that overall, people are more quickly looking to purchase those homes up for sale.