Chester, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Chester Neighborhoods Since 2000




Chester, SC Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Chester Housing Market Information

With 5,486 people, 2,181 houses or apartments, and a median cost of homes of $75,902, house prices in Chester are some of the most affordable in South Carolina as well as the nation.

Single-family detached homes are the single most common housing type in Chester, accounting for 62.64% of the city's housing units. Other types of housing that are prevalent in Chester include duplexes, homes converted to apartments or other small apartment buildings ( 15.17%), large apartment complexes or high rise apartments ( 11.96%), and a few mobile homes or trailers ( 9.39%).

The most prevalent building size and type in Chester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.98% owning and 50.02% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Chester's housing was primarily built during this period, from the '40s through the '60s. A full 45.34% of the city's housing hails from this era. Other housing ages represented in Chester include homes built between 1970-1999 ( 38.51%) and housing constructed before 1939 ( 12.43%). There's also some housing in Chester built between 2000 and later ( 3.72%).

Vacant housing appears to be an issue in Chester. Fully 21.21% of the housing stock is classified as vacant. Left unchecked, vacant Chester homes and apartments can be a drag on the real estate market, holding Chester 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.

Chester Home Appreciation Rates

Chester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chester during the period has been just -1.10%, which is lower than 70% of US communities.

Appreciation rates are so strong in Chester that despite a nationwide downturn in the housing market, Chester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chester appreciation rates continue to be some of the highest in America, at 5.91%, which is higher than appreciation rates in 73.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chester. Chester appreciation rates in the latest quarter were at 1.88%, which equates to an annual appreciation rate of 7.72%.

Importantly, this makes Chester one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to South Carolina, our data show that Chester's latest annual appreciation rate is higher than 70% 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 Chester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chester - 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 Chester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$75,902

Chester, SC HOME PRICES

Value Range
> $1,080,000 0.0
$810,001 - $1,080,000 0.0
$540,001 - $810,000 0.0
$432,001 - $540,000 0.0
$324,001 - $432,000 1.0
$216,001 - $324,000 6.5
$108,001 - $216,000 15.8
$54,001 - $108,000 44.9
$0 - $54,000 31.8

Very Low for SC
Very Low for Nation

Value Relative to Nation Value Relative to State
92.7633891948904 84.3866171003718

Number Of Homes And Apartments:
2,181

Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
1.88% 0.11% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$752 / per month

Homeownership Rate

Homeownership
Owners 49.98
Renters 50.02
Vacant 21.21

Housing Market Details

 

Age of Homes

AGE OF Chester HOMES
2000 or Newer 3.7
1970 - 1999 38.5
1940 - 1969 45.3
1939 or Older 12.4

Types of Homes

TYPE OF Chester HOMES
Single-Family 62.6
Townhomes 0.0
Small Apt. Buildings 15.2
Apt. Complexes 12.0
Mobile Homes 9.4
Other 0.8

Home Size

SIZE OF Chester HOMES
No Bedroom 1.08
1 Bedroom 8.38
2 Bedrooms 37.86
3 Bedrooms 40.17
4 Bedrooms 10.48
5 or more bedrooms 2.02