Upstate South Carolina: Defying national trends despite Covid-19

Despite a national economic downturn beginning last spring as a result of the Covid-19 pandemic, South Carolina’s upstate housing market is hotter than ever. Though the onset of pandemic-induced regulations and shutdowns led to a decline in home sales in April and May of 2020, the easing of lockdown restrictions in June led to a 14% increase, which is expected to continue to grow through 2024.

This housing boom is partly due to incredibly low interest rates, but can also be attributed to cities in the Upstate becoming “destination locations” for families looking to move out of larger cities. As larger cities have been more prone to stay-at-home ordinances, the market has seen a shift in people favoring more spacious homes in residential areas over high-dense apartments. Low interest rates and low unemployment rates are causing many to flock to the Upstate, as South Carolina has boasted an average employment rate decline of only 3 points since last spring, much less of a decline than the national average.

Though many expected the pandemic to bring on a crash in the housing market similar to that of the 2008 recession, real estate experts are expecting South Carolina to come out of the pandemic with a more favorable economic situation than other states. The numbers speak for themselves: if you are considering a move to Upstate South Carolina, the time is now!

With over 20 years of experience as South Carolina’s trusted builder, we at Rosewood build our communities in the best locations the Upstate has to offer. If you are thinking about a move to the Upstate, be sure to fill out a contact form so we can begin building your dream home!