Summerville, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Summerville, 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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Summerville Housing Market Information

With a population of 50,388, 17,565 total housing units (homes and apartments), and a median house value of $245,991, Summerville real estate is some of the most expensive in South Carolina, although Summerville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Summerville, accounting for 64.71% of the town's housing units. Other types of housing that are prevalent in Summerville include large apartment complexes or high rise apartments ( 19.23%), mobile homes or trailers ( 7.65%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.69%).

The most prevalent building size and type in Summerville are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.69% owning and 36.31% renting.

There is a lot of housing in Summerville 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 Summerville built between 2000 and later ( 43.97%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.64%). There's also some housing in Summerville built before 1939 ( 2.77%).

Summerville Home Appreciation Rates

Appreciation rates for homes in Summerville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 16.75%, which ranks in the top 50% nationwide. This equates to an annual average Summerville house appreciation rate of 1.56%.

NeighborhoodScout's data show that during the latest twelve months, Summerville's appreciation rate, at 5.75%, has been at or slightly above the national average. In the latest quarter, Summerville's appreciation rate has been 1.73%, which annualizes to a rate of 7.10%.

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

Relative to South Carolina, our data show that Summerville's latest annual appreciation rate is lower than 50% 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 town. Individual neighborhoods within Summerville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Summerville - 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 Summerville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$245,991

Summerville, SC HOME PRICES

Value Range
> $1,279,000 0.6
$959,001 - $1,279,000 0.9
$640,001 - $959,000 1.8
$512,001 - $640,000 3.8
$384,001 - $512,000 9.2
$256,001 - $384,000 27.5
$128,001 - $256,000 44.2
$64,001 - $128,000 6.7
$0 - $64,000 5.1

Very High for SC
High for Nation

Value Relative to Nation Value Relative to State
27.2408759124088 10.0

Number Of Homes And Apartments:
17,565

Summerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
66.86% 2.70%
9
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,223 / per month

Homeownership Rate

Homeownership
Owners 63.69
Renters 36.31
Vacant 8.18

Housing Market Details

 

Age of Homes

AGE OF Summerville HOMES
2000 or Newer 44.0
1970 - 1999 45.6
1940 - 1969 7.6
1939 or Older 2.8

Types of Homes

TYPE OF Summerville HOMES
Single-Family 64.7
Townhomes 3.7
Small Apt. Buildings 4.7
Apt. Complexes 19.2
Mobile Homes 7.7
Other 0.0

Home Size

SIZE OF Summerville HOMES
No Bedroom 1.34
1 Bedroom 7.30
2 Bedrooms 21.37
3 Bedrooms 45.84
4 Bedrooms 19.48
5 or more bedrooms 4.67