Columbia Market Update – November 2016
As a Columbia mortgage lender, I am always monitoring the trends in the local housing. Being as up-to-date and knowledgeable of the Columbia market as I can will help me find my clients the best deal.
Whether it’s Columbia home loans, mortgages or real estate you’re in need of, I am happy to provide you with a wonderful process.
In a recent article published on FortuneBuilders, the author noted that slow and steady growth is what Columbia has experienced so far in 2016. In the first two quarters of the year, the median sale price for a home was $165,500, which was well-below the national average of $239,167. The median price growth has slowed down recently, however was still higher than what it was in the first two quarters of 2015.
Looking at the most recent statistics available for Columbia in October 2016, the median sale price was $146,000. This was an increase from the $137,500 median price we saw in October 2015 but still below the 2016 average. This is expected considering both sales and prices typically drop as we enter the winter months.
According to Trulia there were 749 home sales in Columbia in October 2016. This was a drastic increase from the 79 sold in October 2015 and 141 from October 2014. In fact, October 2016 had the highest number of sales in the area since November 2013 when 788 units were sold.
While the unemployment rate in Columbia is slightly higher than the national average, investors and homeowners can be glad that a 2.7% job growth was experienced over the past 12 months. This was higher than the 1.9% that the United States averaged in the first half of 2016, and Columbia’s job growth should continue to rise as we approach the end of the year.
In October 2016, renters were paying a median price of $1,125, an amount that has remained relatively steady over the past six months. We did see a jump in the number of rentals in October 2016, though, with 760 units rented. This was an increase from the 655 units rented in September 2016 and was the highest amount recorded this year.
According to the National Association of Realtors, South Carolina is predicted to experience higher price growth than the United States over the next 12 months.
How the market will perform as we approach the end of 2016 remains to be seen. However, with the number of jobs increasing and sales rising, it’s likely that we should see a strong finish to the year.
If it’s a Columbia mortgage lender you’re looking for in the area, I am ready to help you achieve your goals. As a Columbia loan officer, I am also qualified to help you secure a home loan and mortgage while helping guide you through homebuying or selling.
For more information on how I can help you with your situation, contact me today! I look forward to helping you achieve your financial goals!
Source: http://www.fortunebuilders.com/columbia-sc-real-estate-market-trends-2016/ Source: https://www.trulia.com/real_estate/Columbia-South_Carolina/market-trends/