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 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

Summerville Housing Market Information

With 51,692 people, 18,399 houses or apartments, and a median cost of homes of $224,177, Summerville real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Summerville, accounting for 63.58% of the town's housing units. Other types of housing that are prevalent in Summerville include large apartment complexes or high rise apartments ( 19.73%), mobile homes or trailers ( 7.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.99%).

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 64.05% owning and 35.95% 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 ( 45.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 6.76%). There's also some housing in Summerville built before 1939 ( 2.27%).

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 43.45%, which ranks in the top 30% nationwide. This equates to an annual average Summerville house appreciation rate of 3.67%.

NeighborhoodScout's data show that during the latest twelve months, Summerville's appreciation rate, at 5.08%, has been at or slightly above the national average. In the latest quarter, Summerville's appreciation rate has been 1.22%, which annualizes to a rate of 4.97%.

Relative to South Carolina, our data show that Summerville's latest annual appreciation rate is higher 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:
$224,177

Summerville, SC HOME PRICES

Value Range
> $1,296,000 0.4
$972,001 - $1,296,000 0.9
$648,001 - $972,000 1.5
$519,001 - $648,000 3.9
$389,001 - $519,000 9.4
$259,001 - $389,000 26.1
$130,001 - $259,000 41.4
$65,001 - $130,000 10.5
$0 - $65,000 5.8

Very High for SC
High for Nation

Value Relative to Nation Value Relative to State
34.4 15.9259259259259

Number Of Homes And Apartments:
18,399

Summerville 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
78.64% 2.87%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,429 / per month

Homeownership Rate

Homeownership
Owners 64.05
Renters 35.95
Vacant 8.72

Housing Market Details

 

Age of Homes

AGE OF Summerville HOMES
2000 or Newer 45.1
1970 - 1999 45.9
1940 - 1969 6.8
1939 or Older 2.3

Types of Homes

TYPE OF Summerville HOMES
Single-Family 63.6
Townhomes 3.6
Small Apt. Buildings 6.0
Apt. Complexes 19.7
Mobile Homes 7.1
Other 0.0

Home Size

SIZE OF Summerville HOMES
No Bedroom 1.25
1 Bedroom 7.07
2 Bedrooms 21.92
3 Bedrooms 45.52
4 Bedrooms 19.96
5 or more bedrooms 4.28