Insights from Norton Geddie
As someone with over two decades of experience in the legal and real estate fields, I’ve had the privilege of witnessing the South Carolina real estate market evolve in significant ways. Whether you’re new to the area or considering a move, this post is designed to provide you with a closer look at the local real estate scene, along with insights into whether now is the right time to buy.
Insights into the Local Market
Over the years, I’ve had the pleasure of working with clients buying homes in neighborhoods I helped develop, drafting covenants for homeowners associations (HOAs), and even facilitating the sale of businesses like restaurants and liquor stores. The real estate market in South Carolina has its own unique rhythm, and understanding it can give you a significant advantage—whether you’re buying, selling, or developing.
Real Estate Trends in 2025
A common question I get is, “How is the real estate market doing?” Having bought property during the market crash in 2009, I can confidently say that we’re not seeing the explosive growth we experienced in previous years. In 2025, prices have remained relatively stable, with little to no growth compared to 2024.
Homes are staying on the market longer now—about 90 to 120 days—compared to the lightning-fast sales of 2022, when homes would sell in an average of just 47 days. This slower pace can actually benefit buyers. Sellers are more willing to negotiate on price, closing schedules, and other terms, giving buyers more opportunities to make informed decisions.
The Importance of Interest Rates and Inventory
Interest rates have been a concern for many potential buyers. While today’s rates may seem high compared to the rock-bottom rates of the past few years, they are still nowhere near the peak of 16% for a 30-year mortgage in 1981. Currently averaging 6.81%, interest rates, while higher than in previous years, remain historically low by comparison.
Additionally, South Carolina continues to be an attractive destination for newcomers. In 2024, the state was the fourth-fastest growing in the U.S., with over 91,000 new residents. Many are drawn by the relatively low cost of living, lower taxes, and more affordable housing compared to places like New York or New Jersey.
Should You Buy Real Estate Now?
Now, for the burning question: Is now a good time to buy? The answer depends largely on your personal financial situation. If you have the income, credit, and stability to purchase property, it might make sense to buy now rather than continue renting. With homes staying on the market longer, you have more time to make decisions and more properties to choose from.
Personally, I bought property during the market’s low point in 2009. The value of that home has since doubled, and I’ve refinanced twice, locking in favorable rates. It wasn’t just luck—it was about understanding market trends and being strategic with timing. You don’t have to wait for the perfect moment. You just have to recognize the trends and make informed decisions.
Key Considerations When Buying Real Estate
If you decide to enter the market, there are some key factors to consider when choosing a real estate agent. Experience is essential, but local market knowledge is crucial. You want an agent who not only knows the neighborhoods you’re interested in but who also has experience in the current market dynamics. The best agents are those who have been through multiple market cycles and know how to navigate them effectively.
The Real Estate Landscape in South Carolina
In summary, South Carolina’s real estate market has settled into a more balanced rhythm, with opportunities for both buyers and sellers. Those who understand the local dynamics and know how to navigate them can make the most of the current market conditions.
Whether you’re buying a home or investing in property, having the right knowledge—and the right people on your side—can make all the difference. If you have questions or need guidance, don’t hesitate to reach out. I’m always happy to help navigate the process.