FLORENCE, S.C. (WBTW) — Despite COVID, South Carolina experienced a record year in 2020 when it comes to real estate.
According to a report from South Carolina Realtors on the state’s housing market, there were 101,500 closed sales in the Palmetto State in 2020.
President of the Pee Dee Realtor Association Nell Folkens says that’s the most ever recorded for South Carolina.
“It is a seller’s market right now,” Folkens said. “You put a house on the market and… it’s going to sell quickly.”
In the Pee Dee region, there were at least 150 more properties sold in 2020 than 2019. The area also attracted many new agents.
South Carolina overall saw a 36.8 percent dip in the inventory of homes for sale, and experts say there is a need for more homes on the market.
“When you see interest rates drop, people are more interested in buying homes at that time because obviously their payments will be lower,” Folkens said.
Broker-in-charge and owner at Drayton Realty Group Ashley Drayton says there are other drivers of the boom aside from the low interest rates.
“People are moving here because they don’t have to live in the larger cities,” he said “The lifestyle here is more appealing to them.”
Drayton said he saw major growth in his business in 2020. Experts expect the upswing to continue into 2021.
He says another force at play is the slowed building of homes due to supply chain issues and cost.
“Homes are selling faster,” he said “Normally our turn times used to be 90 days. Now we’re marketing in days and weeks. Very quick turnaround times. So therefore prices- you can definitely get what you want but when you go out there to look at homes you got to make a decision.”
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