This SC housing market will be one of the 10 best in the US in 2023, new ranking shows. Here’s why
Columbia should be one of the best places in the U.S. to buy and sell a home next year, a new ranking suggests.
Columbia was recently listed as one of the nation’s top 10 housing markets for 2023 by realtor.com, a major real estate listing website. The ranking includes metropolitan areas expected to see rising sales and prices next year, bucking the downward trend many other housing markets across the U.S. face.
“They are very affordable markets. These are areas where your housing dollars really stretch further,” Realtor.com Chief Economist Danielle Hale said on Realtor.com. “These places did not overheat during the [COVID-19] pandemic housing frenzy over the last two years.”
Columbia was ranked 8th most poised for growth next year. The site projects that the Columbia housing market will see a 3.6% rise in home prices and a 7.7% jump in home sales next year.
Realtor.com developed the list by reviewing housing and economic data in the 100 largest metropolitan areas — those include the main city and surrounding suburbs and smaller urban areas.
“These midsized metropolitan areas generally offer lower-priced homes that locals can still afford,” the website states. “All but one had median prices well under the national median of $417,000 in November … And buyers are still active in these areas, so sales are still happening. They also tend to have solid economies and are located near big employment centers.”
The website notes that Columbia being near a military base and the University of South Carolina, along with having relatively low home prices, has helped keep the area’s housing market strong and will continue to do so into next year.
Karen Yip, broker and owner of Yip Premier Real Estate in Columbia, agreed with realtor.com’s assessment of how the area’s housing market will perform next year.
“My basis for this is our median sales price is $270,000 roughly, compared to the national median sales price of $400,000 … we’re strong compared to the rest of the country,” Yip said.
Yip added that Columbia being near a military base and all of the private investment in downtown development has helped spur housing market growth.
Yip said, however, that increases in interest rates has slowed the housing market in the later portion of this year. But homes are still selling, there’s fewer than two months of homes in inventory and prices remain steady, she said.
“We continue to have growth, but things are starting to level out,” she said.
Here are the top 10 housing markets for 2023, according to realtor.com.
Hartford-West Hartford, CT
El Paso, TX
Louisville, KY
Worcester, MA
Buffalo-Cheektowaga, NY
Augusta-Richmond County, GA
Grand Rapids, MI
Columbia, SC
Chattanooga, TN
Toledo, OH
