Sumter SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Sumter, 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

Sumter Housing Market Information

With a population of 39,656, 15,779 total housing units (homes and apartments), and a median house value of $131,222, 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 63.95% of the city's housing units. Other types of housing that are prevalent in Sumter include large apartment complexes or high rise apartments ( 14.37%), duplexes, homes converted to apartments or other small apartment buildings ( 11.82%), and a few mobile homes or trailers ( 5.46%).

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 48.63% owning and 51.37% 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 2000 and later ( 25.43%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.06%). There's also some housing in Sumter built before 1939 ( 4.93%).

Vacant housing appears to be an issue in Sumter. Fully 13.13% 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

Sumter's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Sumter during the period has been just 1.42%, which is lower than 70% of US communities.

Over the last year, Sumter appreciation rates have trailed the rest of the nation. In the last twelve months, Sumter's appreciation rate has been 1.89%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Sumter were at 6.42%, which equates to an annual appreciation rate of 28.27%.

Importantly, NeighborhoodScout’s exclusive research found that Sumter's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 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 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:
$131,222

Sumter, SC HOME PRICES

Value Range
> $1,155,000 0.6
$867,001 - $1,155,000 0.2
$578,001 - $867,000 0.7
$462,001 - $578,000 1.2
$347,001 - $462,000 2.4
$231,001 - $347,000 9.8
$116,001 - $231,000 35.8
$58,001 - $116,000 34.4
$0 - $58,000 14.8

Average for SC
Low for Nation

Value Relative to Nation Value Relative to State
70.0379562043796 47.4074074074074

Number Of Homes And Apartments:
15,779

Sumter 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
42.78% 1.75%
3
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,165 / per month

Homeownership Rate

Homeownership
Owners 48.63
Renters 51.37
Vacant 13.13

Housing Market Details

 

Age of Homes

AGE OF Sumter HOMES
2000 or Newer 25.4
1970 - 1999 45.6
1940 - 1969 24.1
1939 or Older 4.9

Types of Homes

TYPE OF Sumter HOMES
Single-Family 64.0
Townhomes 4.4
Small Apt. Buildings 11.8
Apt. Complexes 14.4
Mobile Homes 5.5
Other 0.0

Home Size

SIZE OF Sumter HOMES
No Bedroom 1.93
1 Bedroom 7.16
2 Bedrooms 25.36
3 Bedrooms 46.34
4 Bedrooms 16.47
5 or more bedrooms 2.74