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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 38,531 people, 15,624 houses or apartments, and a median cost of homes of $163,077, 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 70.23% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 16.14%), duplexes, homes converted to apartments or other small apartment buildings ( 10.74%), and a few row houses and other attached homes ( 1.60%).

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 57.51% owning and 42.49% 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 ( 33.12%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.83%). There's also some housing in Florence built before 1939 ( 4.70%).

Vacant housing appears to be an issue in Florence. Fully 13.84% 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

Florence's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Florence during the period has been just 2.00%, which is lower than 80% of US communities.

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 4.89%, 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 1.18%, which equates to an annual appreciation rate of 4.81%.

Notably, Florence's appreciation rate in the latest quarter is one of the lowest in America.

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:
$163,077

Florence, SC HOME PRICES

> $1,173,000
0.5%
0.5%
$880,001 - $1,173,000
0.9%
0.9%
$587,001 - $880,000
1.5%
1.5%
$469,001 - $587,000
1.3%
1.3%
$352,001 - $469,000
4.9%
4.9%
$234,001 - $352,000
15.3%
15.3%
$117,001 - $234,000
38.0%
38.0%
$59,001 - $117,000
27.4%
27.4%
$0 - $59,000
10.3%
10.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

High for SC

Value Relative To Nation

Number Of Homes And Apartments:
15,624

Florence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
47.15% 1.81%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,211 / per month

Homeownership Rate

Owners
57.5%
57.5%
Renters
42.5%
42.5%
Vacant
13.8%
13.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.8%
19.8%
1970 - 1999
42.4%
42.4%
1940 - 1969
33.1%
33.1%
1939 or Older
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.2%
70.2%
Townhomes
1.6%
1.6%
Small Apt. Buildings
10.7%
10.7%
Apt. Complexes
16.1%
16.1%
Mobile Homes
1.3%
1.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.6%
4.6%
1 Bedroom
5.2%
5.2%
2 Bedrooms
23.4%
23.4%
3 Bedrooms
49.4%
49.4%
4 Bedrooms
14.0%
14.0%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES