Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Chester County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,635 | $224,357 | $242,182 |
| Price Trend (Annual %) | 3.0% | 9.2% | 8.2% |
| Median Gross Rent | $918 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chester County is about 60% lower than in South Carolina. Rent is about 18% lower than the South Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Chester County, up about 3.0% and 6.5% a year respectively. Rent is changing faster.
Median rent in Chester County rose about 55.4% between 2015 and 2023, from $591 to $918. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Chester County.
Buying the median-priced home in Chester County costs roughly 8.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chester County. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | Chester County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $88,635 | $224,357 | $242,182 |
| Median Household Income | $51,502 | $66,957 | $78,145 |
| Price-to-Income Ratio | 1.7 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chester County rose about 18.2%, while median household income rose about 57.6% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chester County | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.4% | 61.6% | 58.2% |
| Rental Rate | 19.4% | 24.6% | 31.3% |
| Vacancy Rate | 12.2% | 13.8% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Chester County has a homeownership rate of 68.4%, higher than the South Carolina average of 61.6%. Its housing vacancy rate is 12.2%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | Chester County | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1980 | 1989 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Chester County was built around 1980. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chester County, South Carolina.
What is the median home price in Chester County, South Carolina?
The median home price in Chester County, South Carolina is $88,635, lower than the South Carolina average of $224,357.
What is the average home price in Chester County, South Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Chester County, South Carolina?
The median gross rent in Chester County, South Carolina is $918 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in Chester County in 2020?
In 2020, the median gross rent in Chester County, South Carolina was $680 per month.
What is the price-to-rent ratio in Chester County, South Carolina?
The price-to-rent ratio in Chester County, South Carolina is about 8.0, meaning it would take roughly 8.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chester County.
Are home prices or rent rising faster in Chester County, South Carolina?
Both home prices and rent are rising in Chester County, up about 3.0% and 6.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Chester County, South Carolina?
68.4% of households in Chester County, South Carolina own their home, higher than the South Carolina average of 61.6%.
What is the vacancy rate in Chester County, South Carolina?
The housing vacancy rate in Chester County, South Carolina is 12.2%, lower than the South Carolina average of 13.8%.