COLUMBIA, S.C. — First-time homebuyers in Columbia and the Midlands have more homes to choose from and more opportunities to negotiate as the local housing market begins shifting in buyers’ favor.
But experts said high mortgage rates and elevated home prices are still making homeownership difficult for many families.
Is Columbia becoming a buyer’s market?
After more than a decade of limited home construction and steady population growth, South Carolina’s housing inventory is beginning to recover. At the same time, higher borrowing costs have slowed demand, giving buyers more flexibility than they had in recent years.
“We’re definitely moving towards a buyer’s market for several reasons. Number one, housing supply is increasing. We’re seeing more inventory on the ground, which provides more supply. And that helps keep prices in check,” said Joseph Von Nessen, a research economist at the University of South Carolina’s Darla Moore School of Business…