Home values in this SC city rising faster than almost anywhere else in the US, report shows

Home values in three major South Carolina housing markets have risen significantly so far this year, but one has had faster growth than most of the U.S, new statistics show.

According to the latest report from Redfin , Columbia, Greenville and Charleston have had noticeable home value gains year over year as of June. However, Charleston has had the fifth fastest growing home values in the U.S.

The total value of homes in the U.S. gained $3.1 trillion over the last 12 months to reach a record $49.6 trillion, Redfin states. Percentage-wise, the U.S. housing market total value grew 6.6% year over year.

SC housing market values

Why home values are spiking

Higher demand than supply is why home values continue to rise, Redfin states. Levels of home inventory remain low compared to before the COVID-19 pandemic. And while elevated mortgage rates have kept many buyers from pulling the trigger, there are still enough of them to compete over relatively small number of homes.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” Redfin Economics Research Lead Chen Zhao said in a Redfin article. “Mortgage rates have started falling, but many potential sellers and buyers are waiting to make a move, meaning we are likely to continue seeing a pattern where prices slowly tick up. That’s great news for the millions of American homeowners who see their equity rising, but first-time buyers are going to keep finding it tough to find an affordable home.”

10 markets with fastest home value gains year over year

1. New Brunswick, NJ: 13.3%
2. Newark, NJ: 13.2%
3. Anaheim, CA: 12.1%
4. New Haven, CT: 11.8%
5. Charleston, SC: 11.8%
6. Bridgeport, CT: 11.3%
7. San Jose, CA: 11.2%
8. Hartford, CT: 10.8%
9. Camden, NJ: 10.4%
10. Albany, NY: 10.2%