Great Jones Property Management Columbia Sc
Great Jones Property Management Columbia Sc – More than 50% of homes in Columbia are rented rather than owned, which is one of the reasons why WalletHub lists Columbia as one of the best cities for renters. The most recent Market Indicators report from the Central Carolina Association of Realtors (January 2022) notes that market competition remains fierce, with inventory levels at their lowest point since 1999. Median home sales prices have increased by 24.4% year on-. year, while inventories are down by more than 25% over the past 12 months. The Columbia metro area continues to see high demand for rental properties from a variety of tenant types, including the military, students, and retirees. Columbia is the capital of South Carolina and the state’s second largest city. Located in the central part of the state, the city is home to the University of South Carolina and Fort Jackson – the US Army’s largest base for basic combat training. In addition to education and the military, the health care, technology, transportation and logistics, manufacturing, and financial services sectors drive Columbia’s diversified economy and job market. Continue reading why Columbia rental properties are in demand in 2022. >> Explore Roofstock properties in Columbia, SC. Population Growth Both the City of Columbia and its surrounding suburbs have posted impressive population gains over the past 10 years, according to the latest census. Columbia’s population grew by 5.7%, while Lexington and Richmond counties posted population gains of 12.0% and 8.2% respectively. Going forward, employers should continue to be attracted by the region’s well-educated workforce and low cost of doing business. People continue to come to Columbia because of the job opportunities, low cost of living, and quality of life. Key Population Statistics: The City of Columbia has over 136,000 residents and over 832,000 people live in the metropolitan area. Columbia’s population has increased by 7,360 new residents over the last 10 years, for a growth rate of 5.7%. Columbia is the capital of South Carolina and the 2nd most populous city in the state, just behind Charleston. Metropolitan Columbia – also known as the “Midlands of South Carolina” – consists of eight counties, including Richland (where Columbia is located) and Lexington. Between 2010 and 2020 the Columbia MSA had a net population increase of nearly 80,000 people. According to a report from WLTX News 19, the population of the Metro Columbia area will exceed 900,000 residents by 2030. Columbia’s job market is expected to see more business and residential growth in the coming years, according to a report from WLTX News 19. As the city’s Economic Development Director notes. , “I think what we have seen over the past decade tells us that Columbia is an attractive market, and developers, and investors, and companies are interested in being here.” As the economy in Columbia continues to recover, the BLS reports that employment sectors showing the fastest growth include manufacturing, trade and transportation, financial activities, and leisure and hospitality. Nearly 43% of residents in the Metro Columbia area have a bachelor’s degree or higher. In fact, Columbia ranks 23rd in the nation for doctoral degree holders and 32nd for college degree holders. Key Labor Statistics: Columbia MSA’s GDP is over $44.3 billion, according to the Federal Reserve Bank of St. Louis. Louis, and has increased by nearly 40% in the last ten years. Job growth in Columbia increased by 0.83% year over year, while unemployment dropped to 2.5% (as of April 2022). Future job growth in Columbia is expected to be 27.4% over the next 10 years. Target industry sectors in Columbia include advanced manufacturing, healthcare, information and insurance technology, green energy production, and transportation and logistics. The top five employment sectors in the Columbia MSA are health care and social assistance, retail trade, lodging and food services, educational services, and public administration. Top employers in Columbia include Amazon, Blue Cross Blue Shield of SC, Department of Defense, Michelin North America Inc., Richland County, United Parcel Service, Fort Jackson Army Base, and the University of South Carolina. Major manufacturing companies in Columbia include Square D, International Paper, Honeywell, Westinghouse Electric, Trane, and Bose Technology. The main campus of the University of South Carolina is in Columbia, and the area is also home to other institutions of higher learning including Benedict College, Columbia College, and Midlands Technical College. More than 90% of the residents of Columbia are high school graduates or higher, while more than 33% have a bachelor’s degree or advanced degree. Interstate highways that pass through the Metro Columbia area include I-20, I-26, and I-95. CSX Transportation and Norfolk Southern provide freight rail service in the Columbia region. The deep water seaport of Port Charleston is less than two hours from Columbia. Columbia Metropolitan Airport (CAE) provides nonstop service to eight cities including Miami, New York, Chicago, and Washington, D.C. and also serves as the Southeast Regional Air Hub for UPS. Real Estate Market Columbia’s real estate market was “famously hot” in 2021, with buyers sulking and sellers in the money. This year, buyers can expect more of the same. According to the 2022 National Housing Forecast from Realtor.com, home prices in the Metro Columbia area are expected to grow by 5.1% while retail sales are expected to increase by 6.4%. The cost of living and taxes are low, and median home prices in Columbia are well below the national median. Key Market Statistics: The Zillow Home Value Index (ZHVI) for Columbia is $211,366 through May 2022. Home values in Columbia have increased 24.2% over the last year. Over the past five years, home values in Columbia have increased by about 60%. The median list price for a single-family home in Columbia is $225,000 according to the most recent report from Realtor.com (April 2022). The median list price per square foot for a home in Columbia is $128. Days on market (median) is 42. The median sale price of a single family home in Columbia is $231,500. The sale-to-list price ratio is 103.39%, which means that on average homes in Columbia sell for a little slightly above. full asking price. Of the 81 neighborhoods in Columbia, Elmwood Park is the most expensive with a median list price of $539,700. The most affordable neighborhood in Columbia to buy a home is Skyland where the median list price is $70,000. Cheap renters Although housing is relatively affordable in Columbia, there simply isn’t enough inventory to meet demand. The imbalance between demand and supply is one of the reasons why more than 50% of the houses in Columbia rent rather than own. In fact, WalletHub recently ranked Columbia among the best cities for renters, based on key investment criteria including rental market activity, affordable rents, and quality of life. Rental property investors in Columbia also benefit from various demographic segments that drive demand for rental housing, including military from Fort Jackson Army Base and the National Guard, students from the University of South Carolina, and retirees who are attracted to low cost of living and great climate. Key market statistics: Median rent in Columbia is $1,515 per month for a 3-bedroom, according to the most recent research conducted by Zumper (June 2022). Rents in Columbia have increased by 10% year over year. Over the past 3 years, the rent for a 3-bedroom in Columbia has increased by about 26%. Renters occupying homes in Columbia account for 53% of the total occupied housing units in the metropolitan area. Columbia neighborhoods with the lowest rents include Rochelle Heights-Victory Garden, Seminary Ridge, and Belvedere where average rents are $925 or less per month. Columbia neighborhoods with the highest rents include Melrose Heights, Shandon, and Earlewood where average rents range from $1,725 to $2,250 per month. Historical Price Changes and Housing Affordability Rental property investors perform a variety of financial analyzes to determine which real estate market to invest in. Tracking changes in housing prices over the long term can indicate the potential for future appreciation, while housing affordability is one indicator of how strong demand for rental properties could be. Generally speaking, markets where homes are relatively affordable see more owners than renters. However, the exact opposite is true in Columbia, where more than 50% of homes are occupied by renters. Reasons why more people rent than own here include a lack of affordable housing and high demand for rental properties from a variety of tenant segments. Each month Freddie Mac publishes the House Price Index (FMHPI) report with updated data on changes in home prices for all markets across the US. The most recent FMHPI report for the Columbia, SC MSA shows: April 2017 HPI: 129.4 April 2022 HPI: 207.6 5 Year Change in Home Prices: 60.4% One Year Change in Home Prices: 20.4% Monthly Change in Home Prices: 1.7 The % Housing Affordability Index (HAI) is another real statistic.
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