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Three South Carolina cities ranked in the top 10 in a new study from Realtor.com on places with the best blend of new-construction inventory, affordability and sustainability.
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Charleston was No. 1, Greenville 2 and Columbia 10.
“Evaluated across the nation’s 100 largest metros by population, these premier new-construction boomtowns are scored and ranked on four factors: new-home share of listings, new-construction premiums over existing homes, climate risk difference, and buyer demand for new construction based on page views per listing and median time on the market,” Realtor.com said in a news release.
Eight of the 10 best cities were in the South.
“This year’s highly concentrated set of featured markets goes to show that new-construction haves and have-nots are primarily determined by local building conditions,” says Realtor.com senior economist Joel Berner. “In the South, land is more readily available and less costly than in other regions, plus more permissive zoning and less restrictive building codes tend to make construction in the South more builder-friendly.”
Realtor.com called Charleston “the champion of new builds.”
New homes represent nearly a quarter of Charleston’s active inventory, Realtor.com said.
The median price for a newly built home is $443,273.
Realtor.com described Charleston as “a picturesque oceanside city of horse-drawn carriages and impressive antebellum architecture.” It has multiple colleges and universities, including Medical University of South Carolina, defense installations, aerospace manufacturers led by Boeing, and automotive facilities.
“The metro’s strong middle class means consistent demand for affordable homes, and builders in Charleston have delivered ample new builds that are competitively priced,” Berner said.
Greenville scored in the top 10% of markets for new-construction inventory and pricing, Realtor.com said.
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New construction accounts for over a third of Greenville’s housing inventory with the median price of $364,493.
Brian Hurry, an agent with the Hurry Home Team at Coldwell Banker Caine, told Realtor.com, Greenville’s success has been based on the reimagining and revitalization of its downtown.
“They basically built, structured, and planned downtown not around cars but around pedestrians,” he said. “And whenever you master-plan that way for an entire downtown, you now have street-level restaurants, art, lots of community-style things.”
Realtor.com mentioned Greenville’s food scene, outdoor amenities such as the famous Swamp Rabbit Trail, and mild year-round weather.
Columbia was not featured in the Realtor.com story but the company said 25% of real estate listings in Columbia were for new construction.
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The other cities on the list were:
3. Boise City, Idaho
4. Charlotte, North Carolina
5. Nashville, Tennessee
6. Chattanooga, Tennessee
7. Winston-Salem, North Carolina
8. Madison, Wisconsin
9. Durham, North Carolina