Checking Out the Real Estate Market in Columbia, SC
If you are considering a move to Columbia, South Carolina, or you are interested in purchasing investment properties there, it is important to familiarize yourself with the Columbia real estate market.
Whether you are looking for affordable Columbia houses for sale for yourself or to rent out to others, or you have a larger budget to get exactly what you are looking for, it is important to know the market in the area so you know what to look for and can provide reasonable offers when you are ready to purchase.
Getting a handle on the market, what houses and other dwellings are selling for, and what reasonable offers look like will be beneficial as you move forward in purchasing property in Columbia. Here is what the real estate market looks like in Columbia, South Carolina:
Home Prices
The median price for a home in Columbia is between about $225,000 and $280,000, which puts the price per square foot between $130 and $160. Obviously the true asking price will vary depending on the number of bedrooms and bathrooms, location, etc. Prices are trending slightly down in the short term, but prices are on the rise long-term, since last year and the year before.
Availability and Competitiveness of Market
It’s also important to know how competitive the market is. What is the supply and demand? There are plenty of homes for sale in Columbia, but homes tend to sell quickly, making the market slightly competitive.
If you have your eye on a specific home, check out recently sold homes around it. If those homes have sold quickly and went for close to or even above the asking price, you may want to make your offer quickly and close to the asking price as well.
Impacts on Columbia Housing
As you consider the housing market in Columbia, you may also want to consider some of the things that could impact the market, or that can affect you once you buy your home there.
Many people selling their home in Columbia stay within the city, but a significant number of buyers also come from outside the city and even the state, from places like New York City, Washington D.C., and Los Angeles. This indicates that the Columbia market is desirable.
Schools in COlumbia are also highly rated, making the city attractive to families with young children. However, the city does not have great public transit, making it more likely that you will need to rely on a car. Some other considerations are that the city is at very high risk for storms, moderate risk for heat, and moderate risk for fire.
With all of this in mind, you can make an educated decision about your actions within the Columbia real estate market. With a better idea of housing prices, competitiveness of the market, and other factors that can impact buying a house in Columbia, you will be prepared to make an offer on your dream home.
