Source: Zillow Research. Date of last available data: March 2018.
The strength of the housing market has increased overall since 2011. Because relatively few houses are sold each month in Richland County, each home sale has a significant impact on the median home sale price, creating the appearance of high month-to-month volatility. When there is a drop in home turnover, a modest change in any home sale price has a magnified effect on the median when viewing change quarter to quarter.
Home sale price is calculated by dividing the sale price for a given property by the footage of the home sold. The median price per square foot in Richland County is reported here.
Median home sale prices are important indications not only of the real estate market in the county, but also of economic conditions in the region. The median home sale increases when job growth, low interest rates, and consumer confidence bring potential homebuyers into the market. Median home sale prices are correlated to new home construction and development. A drop in median home sale prices discourages further investment in new home construction. In comparison to average prices, median prices are better measures of overall market conditions because they are less likely to be skewed by outliers and come closer to capturing the typical home sale.
Green: Year-over-year increase greater than 2%
Yellow: Year-over-year ± 2%
Red: Year-over-year decrease of greater than 2%
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