2022 – South Carolina house prices had the second highest increase of any state

Must read

David Huckshttps://myrtlebeachsc.com
David Hucks is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

A new study has revealed the states where house prices rose the most over the past year. South Carolina homeowners saw the second biggest increase in National home prices during 2022.

The Myrtle Beach area continues to grow at 24% year over year as prices continued to rise throughout 2022.

Latest Horry County News in your inbox

Swash Transparency 330x200 logo

Stay Informed

The research by Santa Monica realtors analyzed data from Zillow for the past year, across all fifty states to determine which state had seen the biggest rise in housing prices.

The data revealed that Florida had the biggest increase in house prices over the past year, rising 19.9%. The average house price for a home in Florida currently stands at $404,939.

South Carolina has seen the second biggest increase in house prices during 2022. The average house price in the state has risen by 19.2%, just slightly less than Florida’s increase. A property in South Carolina currently has an average cost of $300,667.

The state with the third highest increase in property prices is Vermont. The average house price in Vermont is now $386,285 after increasing 16.9% over the past twelve months.

Tennessee and North Carolina rank fourth and fifth respectively. House prices in Tennessee have skyrocketed 16.3% over the past year, resulting in house prices currently sitting at an average of $311,333. North Carolina, which places fifth in the state rankings, have had house prices increase 15.7% during 2022 which means the average house price in North Carolina is $329,634.

The states where house prices have increased the most in 2022
StateRankIncrease in house price over the past year
Florida119.9%
South Carolina219.2%
Vermont316.9%
Tennessee416.3%
North Carolina515.7%
Georgia614.7%
South Dakota713.8%
Montana813.6%
Alabama= 913.0%
New Mexico= 913.0%
Arkansas= 1012.9%
Oklahoma= 1012.9%

At the other end of the scale, the state that has seen the smallest increase in house prices is Idaho. There has been just a 1.3% increase in house prices in 2022 in Idaho. The average house price in the state is currently $459,947.

California has seen the second lowest increase in house prices out of all fifty states. The average house price in California is now $760,644 after increasing 4.4% in the past twelve months.

The state with the third lowest increase in house prices is Oregon. The average house price in Oregon is $510,401 after increasing 5.5% in 2022.

In Minnesota, there has been a 5.6% rise in house prices over the last year, just slightly more than Oregon, making the state have the fourth smallest increase in house prices. House prices in Minnesota currently average at $333,294.

Three states have had the fifth lowest increase in house prices, all with a 5.8% increase in house prices over the past year – New York, Nevada and Arizona. The average house price in New York is $782,365 whilst in Arizona the average house price is $419,675 and Nevada’s average house price is $433,100.

Commenting on the findings, a spokesperson from Santa Monica realtors said: “The housing market has indeed been turbulent over the past few years, with house prices being affected by inflation, the pandemic and many more factors. This study provides a fascinating insight into which parts of America have seen the highest increases as well as the lowest. It will be interesting to see if this ranking remains similar throughout this year or if they fluctuate.”

Want the latest Myrtle Beach SC news?

Receive Free updates in your inbox.

Comments

comments

- Advertisement -

More articles

JOIN OUR COMMUNITY

MyrtleBeachSC, Horry County

news in your inbox.

SIGN UP NOW

Swash Transparency 330x200 logo

Latest article

- Advertisement -