South Carolina has seen significant population growth over the last year, ranking as the 3rd fastest growing state in the nation for 2022. With that growth has come a boom in the housing market and major uptick in mortgage and rent costs in areas around the state.
Three of South Carolina's housing markets landed on U.S. News and World Report's most overvalued list. The Myrtle Beach-Conway area ranked as the state's most overvalued market to buy a home. It also ranked 9th nationally for overvalued rental homes. Charleston ranked 2nd in the overvalued category for purchasing a home.
The report says rent rose in state by an average of 10%, last year. The Greenville area was the state's 3rd most overvalued market, ranking 20th nationally among the most overvalued places to rent. The report says that high demand and low inventory have pushed the upswing in the state and those two factors have been heavily impacted by the population growth.