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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Florence, SC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Florence, SC Housing Market Trends

With 40,072 people, 16,322 houses or apartments, and a median cost of homes of $215,646, house prices in Florence are solidly below the national average.

Single-family detached homes are the single most common housing type in Florence, accounting for 69.39% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 15.51%), duplexes, homes converted to apartments or other small apartment buildings ( 10.93%), and a few row houses and other attached homes ( 2.49%).

The most prevalent building size and type in Florence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.80% owning and 42.20% renting.

There is a lot of housing in Florence built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Florence built between 1940-1969 ( 30.13%). A lesser amount of the housing stock also hails from between 2000 and later ( 27.90%). There's also some housing in Florence built before 1939 ( 5.18%).

Vacant housing appears to be an issue in Florence. Fully 14.82% of the housing stock is classified as vacant. Left unchecked, vacant Florence homes and apartments can be a drag on the real estate market, holding Florence real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Florence Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Florence, where house values have increased just 45.83%, which is annualized rate of 3.84%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Florence appreciation rates have trailed the rest of the nation. In the last twelve months, Florence's appreciation rate has been 3.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Florence were at 2.08%, which equates to an annual appreciation rate of 8.58%.

Relative to South Carolina, our data show that Florence's latest annual appreciation rate is lower than 90% of the other cities and towns in South Carolina.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Florence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Florence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Florence real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$215,646

Florence, SC Home Prices
> $1,276,000
$957,001 - $1,276,000
$638,001 - $957,000
$511,001 - $638,000
$383,001 - $511,000
$255,001 - $383,000
$128,001 - $255,000
$64,001 - $128,000
$0 - $64,000
0.6%
0.6%
0.7%
0.7%
2.7%
2.7%
3.3%
3.3%
8.6%
8.6%
18.0%
18.0%
38.3%
38.3%
17.8%
17.8%
10.0%
10.0%
0% 100.0%
% of Homes
Average

for South carolina

Low

for nation

Number of Homes And Apartments:

16,322

Florence Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,620 / per month

Homeownership Rate

Owners
Renters
57.8%
57.8%
42.2%
42.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.8%
14.8%
85.2%
85.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
27.9%
27.9%
36.8%
36.8%
30.1%
30.1%
5.2%
5.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.4%
69.4%
2.5%
2.5%
10.9%
10.9%
15.5%
15.5%
1.6%
1.6%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.6%
6.6%
5.2%
5.2%
23.9%
23.9%
45.8%
45.8%
15.1%
15.1%
3.5%
3.5%
0% 100.0%
% of Homes