CAROLINA FOREST, S.C. (WBTW) — Three-bedroom single family homes in Carolina Forest are now more than $300,000, as the median sales price in March was $367,000 for all homes in the neighborhood, according to Coldwell Banker data released Friday.
The median sales price is up from the $271,000 median in March 2021, showing a 35% increase in 12 months.
The median list price for a home in Carolina Forest in March was $519,000, meaning the median sales price will only continue to climb. The biggest reason for the skyrocketing home prices is the fact that home listings were down 56% in March from February while the number of units sold was up 52%.
Wendy Hodges, a realtor with Coldwell Banker Sea Coast Advantage, said the figures show how competitive and quick the housing market is right now.
“Those prices have really gone up drastically,” Hodges said.
Hodges has sold homes in Carolina Forest for the past two decades, and she said the area is popular for its location and schools. Hodges added that first-time homebuyers might have trouble navigating the current market because of the power cash buyers have.
“It would be a struggle to find a property that you could afford,” Hodges said. “You’d probably have to look at a condo and then a lot of the condos are being purchased by investors.”
Tom Fazio lives in Carolina Forest in a home he bought nearly five years ago for $395,000. He said a conservative estimate for the home’s value today is $500,000.
“I’d say probably in just the past year or two years, the prices have jumped up,” Fazio said.
Fazio said he urged his son to move to Carolina Forest from New York two years ago when home prices in the area were in the $200,000 range, pointing to the area’s affordability. He said his son hasn’t moved down yet with home prices as high as they are.
“This neighborhood would be unaffordable for him,” Fazio said.
Fazio said his son would have to find a home for the right price outside of Carolina Forest.
“Now you’re starting to look more towards Conway or getting away from prime areas closer to the beach,” Fazio said.
As home prices rise, so too are mortgage interest rates with 30-year fixed rates now just over 5%. Fazio said young, first-time buyers are often being priced out.
“I wonder how with these high prices people can afford it at a young age,” Fazio said.