Located in the fastest growing county in the state , Conway will no doubt have many new residents coming in next year who want to buy their own homes .

But how difficult will it be to find one , and afford one ?

Luke Anderson with Beach and Forest Realty said that there is a lot that goes into any real estate market .

“[ Earlier in 2022 ], sellers dominated so much with the low supply of homes , we are transitioning into more of a buyer ’ s market in my opinion ,” Anderson said , referencing supply and demand .

In early 2022 , a lot of real estate transactions came with multiple offers and waived many of the usual pieces of the deal like home inspections and appraisals just to make it work quickly .

This was coupled with the fact

that the federal mortgage interest rate was increased at probably the fastest rate in recent history , Anderson said .

According to Freddie Mac , the rate for a 30-year fixed-rate mortgage stands at 6.33 % at the end of November 2022 . Back in January 2022 rates could be found between 2-3 %.

Angela Fabbri , director of marketing and communications with the Coastal Carolinas Association of Realtors ( CCAR ), explained some of this year ’ s real estate phenomena .

“ Our agents were dealing with such incredibly low numbers this summer . Competition was so high , houses were moving at the speed of light . We are decelerating ,” Fabbri said .

Of course , the interest rate cannot be ignored .

“ I ’ m not going to sugarcoat the

fact that the interest rates have spiked ,” Fabbri said , mentioning that a few decades ago were around 14 % and “ we have been spoiled by such low interest rates .” Things are still attainable , she said .

“ Up from the coast [ near Conway ], the prices are reasonable and there ’ s the low cost of living here ,” Fabbri said .

According to the November 2022 CCAR data , in the zip codes of 29526 or 29527 the median sales price of a single-family property went up by 19.8 % between 2021 and 2022 ( year to date ). In 2021 it was about $ 240,000 and moved to $ 287,500 in 2022 .

In 2022 , the overwhelming majority of sellers received the listing price for their home .

In Conway specifically , the historical average price of a singlefamily property in 2012 was

around $ 125,000 , and now it averages between $ 250,000 and $ 300,000 , according to CCAR .

Anderson said he predicts the market will go into a more balanced state and there will be more equal negotiating power on the part of the buyers and sellers .

“ It comes down to where people are at [ in their lives ], and what are their individual circumstances ,” Anderson said .

“ The market is a big piece of it , but if your wife is pregnant with twins , you probably need a bigger house . Or if you ’ re retired , it doesn ’ t make sense to have five bedrooms . We [ Realtors ] have to meet people where they are and help them make the best decision .”

For the latest statistics about buying a home in South Carolina , visit www . ccarsc . org / pages / marketstats /.