Florence, SC Housing Market

Market Overview

Florence, SC presents a moderate housing market, reflected in its PropertyIQ Score of 64 out of 100. The score sits in a middle range, supported by home value momentum and a relatively steady pace of sales, but tempered by affordability and employment indicators that lag state benchmarks. The median home value in Florence is $194,285, well below the South Carolina state average of $306,323, which makes the market appear more affordable on a purchase-price basis. At the same time, the local rent index is $1,462, which is $282 above the state benchmark of $1,180, indicating that rental demand is stronger than the state average relative to home values. That combination of lower home prices and higher rents is notable.

However, other fundamentals paint a more cautious picture. The unemployment rate in Florence is 5.4%, compared with 4.2% statewide, and median household income is $54,443, which is below the state figure of $69,324. These metrics suggest that while homes are less expensive, local incomes may not stretch as far as the headline price difference implies. The market’s top score drivers include a 12-month home value momentum reading of 7.84%, a 3-month home value momentum reading of 0.72%, a median days-on-market figure of 66 days, and a share of listings with a price cut of 19.4%. These factors point to a market that has had recent momentum but is not overheating. One data point to note is that the listed year-over-year change for median home value is $-4, which appears to conflict with the 12-month momentum reading of 7.84%; this discrepancy makes the precise annual price trend unclear from the provided data. Population growth is not available in the dataset.

Key Trends

Several data-driven trends stand out in Florence. First, home value momentum is cooling. The 12-month momentum reading is 7.84%, but the 3-month momentum reading is only 0.72%, which suggests that price growth has slowed considerably in the most recent quarter. The listed year-over-year median home value change of $-4 also points to flattening or slightly negative annual movement, although the conflicting momentum figure makes the exact trend harder to pin down. Second, the rental market is relatively strong. With a rent index of $1,462 compared with the state average of $1,180, Florence offers higher-than-average rent levels, while the median home value of $194,285 is far below the state benchmark of $306,323. This produces a more favorable rent-to-price relationship than the state as a whole. Third, inventory and time on market indicators show a balanced but softening sales environment. There are 612 homes for sale, the median days on market is 66, and 19.4% of listings have had a price cut. Those figures suggest buyers have some negotiating power and sellers are adjusting prices to close deals. Fourth, affordability is constrained by local income and employment. Median household income is $54,443 and unemployment is 5.4%, both weaker than state benchmarks of $69,324 and 4.2%. Even with lower home prices, these factors may limit how much local households can pay.

Who Is This Market For

Florence’s metrics point to specific buyer and investor profiles. Budget-conscious first-time buyers may be drawn to the median home value of $194,285, which is substantially lower than the state average of $306,323. However, because median household income is $54,443 and unemployment is 5.4%, first-time buyers may still face affordability challenges despite the lower purchase price. Rental property investors are likely a stronger fit. The rent index of $1,462 exceeds the state benchmark of $1,180, and the median home value is comparatively low, which can support rental yields. With 612 homes for sale and a 19.4% share of listings with price cuts, investors may find opportunities to negotiate. Move-up buyers may find a mixed environment: they can sell and buy in a market with moderate days on market of 66, but the listed year-over-year home value change of $-4 and the slowing 3-month momentum of 0.72% suggest limited short-term equity gains. This market is less suited to buyers relying on rapid appreciation or sellers expecting quick, full-price offers.

Outlook

The near-term outlook for Florence is moderate and largely tied to the trends already visible in the data. The cooling 3-month home value momentum of 0.72%, combined with a median days-on-market of 66 days and a 19.4% price-cut share, suggests that price growth is likely to remain slow or flat in the months ahead. The 12-month momentum reading of 7.84% indicates that the market has had underlying strength over the past year, but the more recent momentum reading points to a deceleration. Rental demand, as reflected in the rent index of $1,462, should continue to draw investor interest, especially since the median home value of $194,285 remains far below the state average of $306,323. At the same time, the unemployment rate of 5.4% is above the state benchmark of 4.2%, and median household income of $54,443 is below the state benchmark of $69,324, which may limit local buyer purchasing power. Without population growth data, it is not possible to project demand from migration, so the outlook must rely on the current supply, price, and rental signals. Overall, the data supports a stable but cautious market, with no clear evidence of a sharp decline or a rapid acceleration.