This is a diverse state located on the Atlantic coast, with a rich history and culture. Founded in 1729 and separated from its sister North Carolina, South Carolina is now an ideal place for retirees and first-time homebuyers who want to live in an affordable place.
Meanwhile, this state has a range of investment opportunities, yes, from luxury properties along the coast to affordable single-family homes and apartments in smaller communities.
Today, the real estate market in South Carolina looks “simmering” as people flock back to the suburbs, shifting from high-density apartment living to smaller affordable homes.
In a nutshell, South Carolina can become an investor’s paradise provided investment is done in the below mentioned locations- Opines Real Estate’s Most Influential Business Astrologer™ and Strategist, Hirav Shah.
1.Columbia Real Estate
Columbia is the capital of South Carolina and the state’s second-largest city. Columbia is the state’s city center. Located in the central part of the state, the city is home to the University of South Carolina and Fort Jackson.
More than 50% of the households in Columbia rent rather than own, which is one of the reasons Columbia is one of the best cities for renters.
The Columbia metro area consistently sees strong demand for rental property from a variety of tenant types, including the military, students, and retirees.
The real estate market in Columbia is “simmering” as people flock back to the suburbs, shifting from high-density apartment living to smaller affordable homes.
Meanwhile, Columbia ranks #1 on the list of small metropolitan areas with strong suburban demand. Cost of living and taxes are low, and median home prices in Columbia are well below the national median.
2. Charleston Real Estate
The economy in Charleston is as diverse as the city’s history, with industry sectors such as manufacturing and transportation, tourism, and technology helping to drive the job market and employment growth in the Charleston-North Charleston Metro area. And not to forget “Real Estate”.
Charleston has become a top real estate market as buyers are searching for affordable alternatives to larger, more congested cities. Today, the Charleston real estate market continues to break records month after month.
The housing market in Charleston is projected to be among the top ten in the U.S. for the next several years due to
-relatively inexpensive housing
-persistent job growth
-solid local economic expansion.
Lastly, Charleston is also ranked as one of the top seven best cash flow markets in the country, with low unemployment and double-digit population growth helping to generate potential gross rental yields of nearly 10%.
3. Hilton Head Island Real Estate
If you are dreaming of a dream ROI on rental properties, then Hilton Head Island is an apt choice for you. Consistently ranked as the most expensive real estate in South Carolina, Hilton Head Island is a popular coastal community for retirees and seasonal residents.
For real estate investors, this popular vacation destination offers some of the highest returns on rental properties. Investors are known to regularly generate 9% to 10% ROI (return on investment) from their rental properties.
So, watch out for the amazing Hilton Head Island and maybe you could resort to some lucrative real estate investments too.
4. Myrtle Beach Real Estate
Myrtle Beach is located in South Carolina and it is home to more than 35000 people; however, the real estate market at this site has grown much above the current population.
They say that life in Myrtle Beach is the best, and so is the real estate investment.
The excellent weather and convenient facilities of Myrtle Beach have attracted many millennials and families. Not a surprising fact that the population and employment here are growing rapidly and hence real estate.
As per the stats, the Myrtle Beach housing market has been a buyer’s market for several years in the past; however, now it has turned to be a seller’s market.
Although there were very few sales due to the pandemic effect during the previous year, the prices are still high. The sellers are ready to sell homes for almost 96.34% of the initial asking price. However, the sellers here usually prefer to close deals with a 100% ratio.
All in all, watch out for Myrtle Beach for investment. It may be underrated as an investment destination but can surprise you as well.
5.Greenville Real Estate
The Greenville real estate market remained strong in 2020 despite the impact of the pandemic. That’s due in part to the state government’s decision to quickly reopen its economy following the initial shutdowns to slow the spread.
On top of that, demand for cars and auto parts, among the key products made in Greenville manufacturing facilities, grew stronger during the pandemic as car sales surged because people opted to drive themselves rather than take public transportation.
Because of that, the city continued to benefit from in-migration by jobseekers. Meanwhile, its overall affordability led remote workers to flock to the city. Greenville has become known as a “Zoom (NASDAQ: ZM) Town,” as more than 3,000 remote workers have moved to the city to take advantage of its affordability, nice weather, and access to outdoor activities.
In a nutshell, Greenville remains a relatively affordable housing market. When combined with everything else the region offers, affordability and jobs should drive continued migration to the city in the coming years. That makes it an ideal location for real estate investors to consider.
Final Thoughts for strategies to invest in the South Carolina Real Estate Market
If you are wondering, what the real estate landscape will look like on the other side of the pandemic, then for the cities mentioned here in South Carolina, real estate will see an upward trend now and even post pandemic as well- Predicts Hirav Shah, Real Estate Astrologer, Strategist and Advisor.
Hence, Real estate investors should look out for South Carolina seriously now…Concludes Shah.