News Summary
Florence has seen a remarkable 76.3% surge in home inventory, reaching 386 homes for sale as of December 2024. The Pee Dee market also experienced a 65.8% increase, totaling nearly 1,000 homes listed. New construction developments are driving demand, transforming Florence into a hotspot for homebuyers. With significant growth in closed sales and median home prices, the local housing market shows promising signs for 2025, suggesting an exciting time for buyers and sellers alike.
Florence’s Home Inventory Soars: A Look at the Local Housing Market
Big Changes in Home Listings
Florence is buzzing with excitement! There’s been a stunning 76.3% surge in home inventory, bringing the total number of homes for sale to 386 as we wrapped up December 2024. Now, that’s certainly a number worth talking about! When you compare this new figure to December 2023, it’s clear that the local housing market is undergoing some impressive transformations.
But wait, there’s more! The entire Pee Dee market, which includes ten counties, isn’t lagging behind either. It has experienced a robust 65.8% increase, with nearly 1,000 homes now listed for sale. It seems like the demand for homes is pushing local builders to keep their hammers swinging!
New Construction is Driving Demand
The primary reason for this inventory boom is the rise in new construction developments across the area. Florence is turning into quite the hotspot for homebuyers! A couple of recent developments are grabbing attention. For instance, new neighborhoods like The Bluffs at Mill Creek in South Florence and a future companion subdivision to Summit at Oakdale are likely part of this surge. It’s all about giving buyers more choices and getting them excited about what they can find!
While many homeowners are holding onto their properties, this trend has created an interesting dynamic in the market. Even with a significant uptick in inventory, housing demand continues to remain strong. Despite what you might think, this isn’t a sign of weakness in the market; rather, it’s an ongoing effort to bounce back from the supply issues driven by the pandemic.
Comparing Past and Present
Let’s take a quick stroll down memory lane. Back in mid-2018, the Pee Dee region boasted more than 1,200 homes for sale. Fast forward to December 2021, and that number had plummeted to about 600. Now, as the curtains fall on 2024, we see almost 980 homes actively listed in Florence—a significant improvement.
The numbers tell a positive story! In December 2024, closed sales in the Pee Dee area increased by an impressive 30.9%, totaling 212 transactions. In Florence specifically, sales have surged by an eye-catching 54.7% compared to last year. So, if you’re looking to buy or sell, you’ve come to the right place!
The Shifting Market Prices
Now, let’s touch on the money side of things. By the end of 2024, the median home price in the Pee Dee region is marked at $234,650, which is a notable 17.6% increase from the previous year. Florence’s home prices have also seen their fair share of growth with a 5.7% rise, bringing the median price up to $269,000. As prices go up, so does the hope for sellers looking to make a profit.
Looking Ahead to 2025
As we set our sights on 2025, the outlook seems quite promising! Experts are optimistic about the upcoming market conditions, especially with spring approaching—which traditionally marks the peak season for home buying. With expectations for even more inventory to come and a lively market in view, it could be the perfect moment for resellers to capitalize on tight conditions.
So, whether you’re a first-time homebuyer or a seasoned seller, Florence’s housing market is brimming with potential. Keep your eyes peeled for new listings, exciting developments, and perhaps the perfect home just waiting for you!
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Additional Resources
- Post and Courier: Home Sale Boom in Florence, SC
- The New York Times: Affordable Housing in Florence
- Norada Real Estate: South Carolina Housing Market Blog
- Business Insider: Moving from Charleston to the North
- MSN: Fastest Rising Home Prices in Florence Area
- Wikipedia: Real Estate
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
