The Aiken County real estate market is sizzling, as anyone who has paid attention to recent trends knows.
The average selling price of a home is the highest it has been in the past five years, with the number of closed units also exceeding cumulative data for the past five years.
â(The market is) hot for Aiken,â said Donna Taylor, vice president and associate broker at Aiken-based Meybohm Real Estate.
Based on data as of June 30, Aiken County has seen year-over-year increases in three main areas of existing residential sales: average price per square foot, number of closed units and the average selling price. The average price per square foot in 2021 stands at $ 113.47, which is up from $ 101.35 at the same time in 2020 and a significant spike from the 2017 average of $ 84.55. In this regard, Aiken County ranks above the CSRA overall average of $ 111.79.
As of June 30, 709 units have closed in Aiken County, up from 651 units at this point in 2020 and 550 at this point in 2017.
So far this year, the average selling price of homes in Aiken County has been $ 210,000, up from $ 183,115 at the same date last year and up from the average of 149,900 $ in 2017.
âWhen talking to our agents, buyers always buy homes on the high side,â said Andrea Bowles, sales manager in Blanchard and Calhoun’s office in West Augusta. “If you sell a house and buy a house, you do it. OK because you sell high and then buy high.”
Bowles said she didn’t expect the heat to drop anytime soon as interest rates continue to stay low.
Jane Page Thompson, of the Carolina Real Estate Company, said one of the problems was inventory scarcity, supply being low and demand high.
âBecause of the bidding war and the scarcity of the market, you get three, five, or six bids on a house,â Thompson said. “People try to outbid because they need a place to live. It drives up the sale of the house.”
Bowles also referred to an inventory issue but took a different angle.
âFrom a national perspective, from everything I’ve read, one of the biggest issues with this is millennials, which is the biggest group since the baby boomers, they’re all starting out. to form households, âBowles said. “So there is less housing available than households in formation. It will take some time to adjust.”
Another piece of the puzzle has been the construction of new construction in Aiken County, which has seen significant increases over the past five years, in line with existing residential sales.
The average price per square foot in 2021 for new construction is $ 117.49, up from $ 106.65 at the same point in 2020 and the average of $ 90.42 in 2017.
As of June 30, 300 new construction units have closed in Aiken County, up from 251 units at this point in 2020 and 180 at this point in 2017.
So far this year, the average selling price of newly built homes in Aiken County has been $ 265,228, up from $ 244,480 on the same date last year and compared to the average of 230,000. $ in 2017.
When it comes to why people move to Aiken County, a few different theories have been rejected by real estate agents.
Mark Thompson, president of the Aiken Association of Realtors, said that Hitchcock Woods, an abundance of golf courses and the equestrian community may be some of the draws to the area. He also mentioned post-pandemic reasoning.
âThere has been a lot of offshoring and I think (it’s) because of (the ability) of people to work from anywhere,â said Mark Thompson. “If they thought about leaving a big city and moving to a smaller area, (they) are taking advantage now.”
Mark Thompson said he and his family moved to Aiken from Northern California 26 years ago and have never looked back.
Bowles commented on the “drive and closeness” of all of Aiken County’s communities, saying each has its own flavor and offers something different for residents to see. She also mentioned the expansion of Fort Gordon as a resettlement factor.
âIt’s just a great destination,â Bowles said.
Taylor ended with advice to potential home sellers. She said that if people are considering selling their homes, they have to decide early on where they are going to move.
“They have to rely on the fact that their house is going to be sold and closed relatively quickly, and they don’t need to be stuck in a dead end with nowhere to go when they get an offer on their house.” , Taylor mentioned.