SC has one of 10 US cities where home prices are spiking the most. Here’s how much

Buying a home got more expensive across South Carolina over the last year — in some places more than others.

And one South Carolina city really went above and beyond, ranking among the 10 U.S. cities with the biggest jumps in home prices in the past year, a new report shows.

The new study by SmartAsset shows homes across the U.S. sold at prices averaging 6% higher in April than the previous year, despite cooling inflation, according to AP News.

“While this market could favor those who are looking to sell their homes and move to a less expensive area, hopeful first-time homebuyers may be feeling the squeeze,” SmartAsset says.

To find where home prices spiked the most, SmartAsset ranked the largest 100 metro areas using Zillow sales data from April 2023 to April 2024.

SC home prices

So, which South Carolina city ranked highest in the study?

Charleston ranked 10th highest among U.S. cities with the biggest jumps in home prices. Home prices in the historic South Carolina city averaged $423,050 in April 2024 — a 10.9% jump from $381,321 a year earlier. Over the last five years, the average sales price skyrocketed 68.1% in the city, the study adds.

Charleston wasn’t the only South Carolina city to make the top 100, however.

Columbia ranked 71st with a 4.8% jump in yearly average home sales prices. The city of Greenville came in a little lower, ranking 73rd for its 4.7% annual home price spike.

Home sales

According to the latest data from South Carolina Realtors, from June 2023 to May 2024, pending home sales in the state were down 3.1% overall. The property type with the largest gain was the condos segment, where prices were up 5.7% year-over-year. Homes in the $150,001 to $250,000 price range usually sold the fastest at 52 days.

10 U.S. cities where home prices increased the most

1. Wichita, KS

• 1-year increase: 21.2%

• Average sale price, April 2024: $259,264

• Average sale price, April 2023: $213,955

2. Toledo, OH

• 1-year increase: 16.4%

• Average sale price, April 2024: $157,176

• Average sale price, April 2023: $135,009

3. Madison, WI

• 1-year increase: 15.3%

• Average sale price, April 2024: $387,610

• Average sale price, April 2023: $336,131

4. San Jose, CA

• 1-year increase: 12.9%

• Average sale price, April 2024: $1,502,362

• Average sale price, April 2023: $1,330,125

5. New Haven, CT

• 1-year increase: 12.8%

• Average sale price, April 2024: $336,023

• Average sale price, April 2023: $297,819

6. Miami, FL

• 1-year increase: 12.6%

• Average sale price, April 2024: $472,421

• Average sale price, April 2023: $419,674

7. Buffalo, NY

• 1-year increase: 12.2%

• Average sale price, April 2024: $231,596

• Average sale price, April 2023: $206,480

8. Grand Rapids, MI

• 1-year increase: 12.0%

• Average sale price, April 2024: $314,511

• Average sale price, April 2023: $280,791

9. Harrisburg, PA

• 1-year increase: 11.0%

• Average sale price, April 2024: $241,475

• Average sale price, April 2023: $217,634

10. Charleston, SC

• 1-year increase: 10.9%

• Average sale price, April 2024: $423,050

• Average sale price, April 2023: $381,326