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 | Fairfield County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $562,500 | $224,357 | $242,182 |
| Price Trend (Annual %) | 64.2% | 9.2% | 8.2% |
| Median Gross Rent | $909 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fairfield County is about 151% higher than in South Carolina. Rent is about 19% 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 Fairfield County, up about 64.2% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Fairfield County rose about 36.7% between 2015 and 2023, from $665 to $909. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 11.7 yearly household incomes in Fairfield County.
Buying the median-priced home in Fairfield County costs roughly 51.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fairfield County. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | Fairfield County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $562,500 | $224,357 | $242,182 |
| Median Household Income | $48,086 | $66,957 | $78,145 |
| Price-to-Income Ratio | 11.7 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fairfield County rose about 337.2%, while median household income rose about 46.7% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Fairfield County | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.9% | 61.6% | 58.2% |
| Rental Rate | 19.2% | 24.6% | 31.3% |
| Vacancy Rate | 19.9% | 13.8% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Fairfield County has a homeownership rate of 60.9%, lower than the South Carolina average of 61.6%. Its housing vacancy rate is 19.9%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | Fairfield County | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 6.1 | 5.7 | 5.5 |
The typical housing unit in Fairfield County was built around 1987. On average, 2.3 people live in a home with about 6.1 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fairfield County, South Carolina.
What is the median home price in Fairfield County, South Carolina?
The median home price in Fairfield County, South Carolina is $562,500, higher than the South Carolina average of $224,357.
What is the average home price in Fairfield 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 Fairfield County, South Carolina?
The median gross rent in Fairfield County, South Carolina is $909 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in Fairfield County in 2020?
In 2020, the median gross rent in Fairfield County, South Carolina was $717 per month.
What is the price-to-rent ratio in Fairfield County, South Carolina?
The price-to-rent ratio in Fairfield County, South Carolina is about 51.5, meaning it would take roughly 51.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fairfield County.
Are home prices or rent rising faster in Fairfield County, South Carolina?
Both home prices and rent are rising in Fairfield County, up about 64.2% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fairfield County, South Carolina?
60.9% of households in Fairfield County, South Carolina own their home, lower than the South Carolina average of 61.6%.
What is the vacancy rate in Fairfield County, South Carolina?
The housing vacancy rate in Fairfield County, South Carolina is 19.9%, higher than the South Carolina average of 13.8%.