The Palmetto state has been one of the stronger performers in the real estate market in recent years, and forecasts for 2006 look good. Not surprising, as South Carolina's three regions of Upcountry, Midlands and Low Country - offer residents everything from historic cities to upscale resorts to beachfront properties, along with traditional Southern charm. Most South Carolina towns and cities fall well below the average US cost of living figures, according to a recent report by the American Chamber of Commerce Association.
Land is still fairly plentiful in South Carolina, and many families relocating to the larger cities are looking for lots of at least 4 acres, for space and seclusion, rather than a home in town. Throughout the state, so-called "green buildings" is also a recent trend of housing that is designed and built to help protect the environment. In Charleston, 3000 acres of land outside the city have recently been designated as land for sustained and responsible redevelopment.
House prices are generally competitive in South Carolina when compared to the rest of the country. Two of the largest cities in the state, Columbia and Greenville offer average house prices of around $160,000 compared with the national average of around $260,000. Around 64% of homes in the state are rented rather than owned and the average house is around 11 years old. Greenville is regularly listed as one of the top ten cities in the country as far as the general standard of living goes.
Even in historic and fashionable Charleston the average house price is relatively affordable and attractive - around $220,000, an average increase of 15% in the last year. The Charleston area has traditionally been popular with retirees, investors wanting to make a profit and those seeking a vacation home and this trend shows no signs of slowing down. Buying a home in Charleston's beautiful and highly sought after historic district is still a goal to many people.
Seniors are attracted to South Carolina in ever increasing numbers as in the next decade, it is estimated seniors defined as being 55 or over, will account for around 40% of the state's housing market. South Carolina ranks as one of the states with the lowest tax rates in the country and the state also offers a generous property tax exclusion to seniors and the disabled. And of course, there are all those great golf courses too.
