Real estate demand and prices up, even in the time of COVID-19

As the coronavirus pandemic disrupted life and shuttered businesses in Spring 2020, the conventional wisdom was that the real estate market would sputter and slow.

In fact, the opposite happened.

The median sales prices for houses in the Columbia market increased 10.8 percent in August 2020 to $204,990, while the amount of time a house stayed on the market decreased 8 percent to just 46 days. Those numbers held true in neighborhoods near downtown, where prices were up 11.7 percent in Shandon, 22 percent in Old Woodlands, 18 percent in Kings Grant and 37 percent in Heathwood in the first three quarters of 2020 compared to the same period in 2019. The average sales price for a Shandon single-family home was $359,029 in the first nine months of 2020, with the average in Heathwood selling for $553,304 and Forest Acres homes selling for an average of $236,371.

“In spite of the pandemic, the real estate market is thriving,” says Graeme Moore, Realtor and owner of The Moore Company, Columbia’s leading boutique real estate firm. “Interest rates are low, people are traveling less and spending less, so they may have more to put toward a down payment. Or they are staying at home and they realize they need more space or a different type of space.”

The demand for housing stock is up in places all over the country, including the Columbia market. And houses that are listed tend to be scooped up quickly, with average days on the market dropping in highly sought-after neighborhoods of Shandon, Forest Acres, Lake Katherine, Old Woodlands, Melrose Heights and others near downtown over the same three quarters in 2019.

“It’s a really good time to sell. Every price point has seen an increase in demand,” Moore says.

“The market is begging for good inventory.”

Along with the high demand, interest rates are expected to stay low, meaning the real estate market should remain strong for at least for the next 12 months. If you’re thinking about selling, it’s a perfect time to investigate the value of your biggest investment. Whether you are curious about the value of your home or wondering about the best time to list it, Realtors from The Moore Company will be happy to have a conversation. Give us a call at 803-477-3930.