What You Need To Know About the Previous Markets

March 6, 2023
Adam Crosson knows real estate. Growing up in Anderson, SC he watched his father work as a real...
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                     Here’s how the real estate statistics from 2021 compare to 2022.

How did the Florence real estate market fare in 2022, and how does it compare to 2021? Today we're sharing critical market stats such as homes sold, average and median prices, and inventory in 2021 and 2022. 

There were 1,266 single-family residences sold in 2022 and 1,363 in 2021. The average price point in 2022 was $287,000, and the median price was $271,000; in 2021, the average price point was $231,000, and the median was $197,000. In the second half of 2022, interest rates spiked, causing transactions to slow and inventory to rise.

"The market overall is still really strong."

During the last three or four months, rates started to drop, which is why there were fewer homes sold last year than there were in 2021. There may have been a much higher price point average, but there was about a 7% decrease in the total transactions between 2021 and 2022. 

Meanwhile, 126 townhouses or condos closed in Florence in 2021 and 116 in 2022. The average price was $108,000, the median price was $110,000 in 2021, the average sales price was $109,000, and the median sales price was $116,500 in 2022. Townhouse and condo inventory is typically plenty, but it has also declined in the last year or two.

Fortunately, inventory has increased significantly now, and there are more options for buyers. The market overall is still really strong. We expect it to be a pretty solid market throughout the year. Even with the interest rates going up, they have stabilized and gone down over the last 60 days.

As always, you can count on us for the most trusted information on the real estate market. Call or email us; I’m always happy to help!

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