Home Values Soar in the Lowcountry: What Do the Numbers Say?
Welcome to Lowcountry, where home values have been on a roller coaster ride, shooting up significantly in recent years! If you’ve been wondering just how much property prices have increased around here, new data from the U.S. Census has some pretty eye-popping figures to share.
Big Jump in Home Prices!
Between the years 2019 and 2023, home values across the United States rose an astonishing 21.7% when compared to the previous five-year period from 2014 to 2018. The median home value now sits at a hefty $303,400, up from $249,400. But that’s just the national scene—let’s zoom in on what’s happening here in the Lowcountry!
Hilton Head Boom!
The Hilton Head Island-Bluffton-Port Royal metro area is practically bursting at the seams with excitement over its skyrocketing home values. The median home value in this area jumped to $393,100—that’s a staggering 44% increase from the $273,600 it was just a few years ago!
County Stats to Savor
But that’s not all! Various counties in the Lowcountry have also seen significant increases. Here’s a peek at the changes:
- County A: Home values surged from $52,100 to $61,600 (an 18.23% rise)
- County B: Jumped from $71,400 to $96,000 (up 34.5%)
- County C: Skyrocketed from $288,900 to $407,600 (41.1%)
- County D: Leapt from $174,000 to $280,300 (61.1%!)
- County E: Increased from $104,000 to $148,800 (43.1%)
- County F: Rose from $295,600 to $450,800 (52.5% increase)
- County G: A wild jump from $85,100 to $145,900 (a whopping 71.4%!)
- County H: Climbed from $186,300 to $294,400 (58%)
- County I: Bumped up from $73,000 to $102,400 (40.3%)
- County J: Increased from $154,400 to $269,400 (74.5%)
- County K: Went from $93,200 to $109,700 (18%)
What’s Driving These Changes?
The rise in home values can be attributed to several factors. According to experts, it’s all about location, housing supply, and demand. For quite a while, many areas—including the Lowcountry—have battled a shortage of available homes. In fact, a recent report by the National Association of Realtors notes that the nation is facing a staggering 5.5 million-unit housing shortage!
This shortage is even more pronounced in our sunny South Carolina, where demand is skyrocketing. The state has been pulling in new residents like a magnet. In 2023 alone, South Carolina ranked fifth in numeric population growth, adding around 90,600 new residents. The only states to grow faster were Georgia, North Carolina, Florida, and Texas!
What’s Next for Lowcountry?
So what does this all mean for future homebuyers, sellers, and those considering moving to the area? While rising home values may seem daunting, they also reflect a healthy increase in demand and investment in the region. The exciting promise of the Lowcountry keeps pulling in people, and as more folks arrive, we can expect the housing market to keep buzzing!
If you’re considering making a move, now might just be the time to jump in. Who knows? Your dream home could be waiting right around the corner!
