Overview of the Commercial and Residential
Real Estate Market in South Carolina
With convenient access to 187 miles of Atlantic Ocean coastline and more than 80,000 acres of state parks, South Carolina remains a popular place to live. More than 15 percent of residents are over 65. Many of the retirees are affectionately referred to as "half-backs." They originally retired to Florida from a Northern state and later moved half way back up the country for South Carolina's affordable home prices and low cost of living. The median home price of $137,400 is 24 percent lower than the national median price of $181,400, according to the most recent US census. The National Association of Realtors puts the average home price for Hilton Head, South Carolina at $635,678. For the Upstate region, that includes Greenville, Pickens County, and the Piedmont region, home prices are in line with the overall state average of $152,845. The average cost per sq. ft. is $77. The median household income of $44,623 is based on a per capita income of $23,906 and a typical 2.5 person household. A steady influx of retirees has given rise to numerous assisted living facilities and patio home communities across much of the Upstate. The home ownership rate in South Carolina (69.5 percent) is slightly higher than the national rate (65.5 percent). Of the nearly 1.8 million households, approximately 17.7 percent are in multi-unit structures.
A steady population increase and a good job market contributes to South Carolina having a robust demand for both retail and multifamily properties. With beach resorts for all income levels, 14 major lakes, and numerous opportunities for hiking and camping, tourism is a strong economic driver for many areas of the state. This provides for expansion of retail market places and new shopping centers across the state. The industrial market benefits from companies like BMW, Boeing, Michelin, and Fluor Enterprises. The Clemson University International Center for Automotive Research (CU-ICAR) combines education with research and economic development. The award winning 250 acre technology research campus benefits numerous automotive industry businesses with research, business development, and marketing. Low property taxes, mild climates, and a skilled labor force make South Carolina extremely attractive to businesses. Charleston is considered one of the fastest growing markets in The U S for non-residential construction. With more people moving into the area for jobs, available industrial space is tightening and lease rates increase at a steady rate. As the number of new households outpaces new construction, multifamily properties are expected to remain in high demand.
Office Rental and Executive Suites in Greenville, SC
How to Become a Realtor in South Carolina
The South Carolina Department of Labor Licensing & Regulation and the South Carolina Real Estate Commission, headquartered in Columbia, oversee all aspects of education, license requirements, renewals, and continuing education requirements for real estate professionals in the state. Individuals must be at least 18 years old and have a high school diploma or the equivalent. They then complete an approved 60-hour real estate fundamentals course. After successfully passing the state real estate exam, they receive a provisional license. To be fully licensed, they must be sponsored by a broker-in -charge and complete an additional 30-hours of post-licensing classes.