Florence SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Florence, 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Florence Housing Market Information

With a population of 37,625, 15,291 total housing units (homes and apartments), and a median house value of $146,369, 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 70.85% of the city's housing units. Other types of housing that are prevalent in Florence include large apartment complexes or high rise apartments ( 14.34%), duplexes, homes converted to apartments or other small apartment buildings ( 11.40%), and a few row houses and other attached homes ( 2.02%).

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 56.84% owning and 43.16% 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 ( 34.55%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.59%). There's also some housing in Florence built before 1939 ( 4.30%).

Vacant housing appears to be an issue in Florence. Fully 12.13% 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 0.84%, 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 3.87%, 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 1.69%, which equates to an annual appreciation rate of 6.92%.

Importantly, this makes Florence 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 Florence's latest annual appreciation rate is lower 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 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:
$146,369

Florence, SC HOME PRICES

Value Range
> $1,093,000 0.5
$820,001 - $1,093,000 0.9
$546,001 - $820,000 1.3
$437,001 - $546,000 1.1
$328,001 - $437,000 4.2
$219,001 - $328,000 15.9
$109,001 - $219,000 37.9
$55,001 - $109,000 28.1
$0 - $55,000 10.2

High for SC
Low for Nation

Value Relative to Nation Value Relative to State
62.7270072992701 38.5185185185185

Number Of Homes And Apartments:
15,291

Florence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
36.29% 1.52%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,157 / per month

Homeownership Rate

Homeownership
Owners 56.84
Renters 43.16
Vacant 12.13

Housing Market Details

 

Age of Homes

AGE OF Florence HOMES
2000 or Newer 19.6
1970 - 1999 41.6
1940 - 1969 34.5
1939 or Older 4.3

Types of Homes

TYPE OF Florence HOMES
Single-Family 70.9
Townhomes 2.0
Small Apt. Buildings 11.4
Apt. Complexes 14.3
Mobile Homes 1.4
Other 0.0

Home Size

SIZE OF Florence HOMES
No Bedroom 2.63
1 Bedroom 5.28
2 Bedrooms 24.24
3 Bedrooms 49.87
4 Bedrooms 14.87
5 or more bedrooms 3.11