Sumter, SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Sumter, SC Real Estate Data


Sumter Housing Market Information

With a population of 40,816, 16,001 total housing units (homes and apartments), and a median house value of $118,975, house prices in Sumter are solidly below the national average.

Single-family detached homes are the single most common housing type in Sumter, accounting for 62.24% of the city's housing units. Other types of housing that are prevalent in Sumter include large apartment complexes or high rise apartments ( 16.25%), duplexes, homes converted to apartments or other small apartment buildings ( 12.38%), and a few mobile homes or trailers ( 5.04%).

The most prevalent building size and type in Sumter are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.67% owning and 50.33% renting.

There is a lot of housing in Sumter 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 Sumter built between 1940-1969 ( 27.43%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.79%). There's also some housing in Sumter built before 1939 ( 6.68%).

Vacant housing appears to be an issue in Sumter. Fully 15.07% of the housing stock is classified as vacant. Left unchecked, vacant Sumter homes and apartments can be a drag on the real estate market, holding Sumter 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.

Sumter Home Appreciation Rates

Real estate appreciation rates in Sumter's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.18% during the period.

NeighborhoodScout's data show that during the latest twelve months, Sumter's appreciation rate, at 4.53%, has been at or slightly above the national average. In the latest quarter, Sumter's appreciation rate has been 2.76%, which annualizes to a rate of 11.48%.

Importantly, this makes Sumter 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 Sumter'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 Sumter differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sumter - 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 Sumter real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$118,975

Sumter, SC HOME PRICES

Value Range
> $1,051,000 0.5
$788,001 - $1,051,000 0.0
$525,001 - $788,000 0.2
$420,001 - $525,000 1.5
$315,001 - $420,000 1.9
$210,001 - $315,000 8.3
$105,001 - $210,000 37.2
$53,001 - $105,000 32.8
$0 - $53,000 17.5

Average for SC
Low for Nation

Value Relative to Nation Value Relative to State
66.9438425953036 43.4944237918216

Number Of Homes And Apartments:
16,001

Rent & Ownership

 

Average Market Rent:
$948 / per month

Homeownership Rate

Homeownership
Owners 49.67
Renters 50.33
Vacant 15.07

Housing Market Details

 

Age of Homes

AGE OF Sumter HOMES
2000 or Newer 19.8
1970 - 1999 46.1
1940 - 1969 27.4
1939 or Older 6.7

Types of Homes

TYPE OF Sumter HOMES
Single-Family 62.2
Townhomes 4.0
Small Apt. Buildings 12.4
Apt. Complexes 16.2
Mobile Homes 5.0
Other 0.1

Home Size

SIZE OF Sumter HOMES
No Bedroom 1.91
1 Bedroom 6.96
2 Bedrooms 28.42
3 Bedrooms 42.73
4 Bedrooms 17.66
5 or more bedrooms 2.33

Sumter Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
30.31% 1.57% 5 3
* 10 is highest