The past few months have been anything but ordinary for all of us. However, for the Columbia, SC residential real estate market, the pandemic has done little to slow home sales. According to an article written for the Columbia Regional Business Report by Melinda Waldorp, many local real estate firms are seeing steady, if not above average sales activity in the Columbia and Lexington markets.
Waldorp cites local experts such as Graeme Moore, owner of The Moore Company, who believes that the continued momentum in the residential market is a result of both rock-bottom interest rates, as well as declining inventory. This lack of inventory, according to Moore, could be a result of homeowners being reluctant to list their homes at the beginning of the pandemic.
Moore also believes that, while interest rates are the lowest they have been in recent memory, sellers in the Columbia market have the upper hand due to there not being enough homes available for prospective buyers.
Moore is quoted saying, “Every price point from $150,000 to $1.5 million houses, are all experiencing an increase in demand. We’ve never seen as many bidding wars as we have over the last three months.” The Moore Company, along with other local residential brokerages don’t see this strong market going away as long as interest rates remain low.
In conclusion, while student and rental housing faces continued uncertainty due to rising Covid-19 case numbers at the University of South Carolina, the single family residential market in Columbia shows no signs of slowing down any time soon.
Attached below is the link to the aforementioned Columbia Business Report article.
https://columbiabusinessreport.com/news/real-estate-residential/78940/