If you’re shopping around for a new home (or just found a new hobby on Zillow during quarantine), you may not be surprised to hear that Columbia’s housing market is moving fast. The cause? The simple economics concept of supply and demand. Simply put, demand is pretty high for houses in our area right now, but supply is low.
Therefore, available homes are selling quickly + the price is most frequently in favor of the seller — this means it’s currently a sellers’ market. According to WLTX, many local homeowners are selling their homes in 24 hours or less + buyers are competing to offer the best price (which may be well above market value).
So what’s causing the increase in demand? Due to the pandemic, banks are offering loans with interest rates at an all-time low, making the home buying process more affordable for many.
Numbers that hit home
🏠 62.4% — The percentage of houses currently for sale across the Midlands compared to this time last year, according to Consolidated Multiple Listing Service
🏠 14.8% — The increase in median price of homes sold since this time last year, according to SC REALTORS
🏠 23 — The difference in a home’s average number of days on the market now, compared to this time last year, according to SC REALTORS