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Florence’s Home Inventory Soars: An Insight into the Market

Florence witnesses a surge in new home constructions, making it an attractive market for buyers.

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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!