Florence, South Carolina Housing Market Prices
Florence Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% below the South Carolina median$191,573
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Median rent 14% below the South Carolina median$1,015
Housing Market Overview
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,573 | $239,609 | $248,835 |
| Price Trend (Annual %) | 8.0% | 8.9% | 7.5% |
| Median Gross Rent | $1,015 | $1,179 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence is about 20% lower than in South Carolina. Rent is about 14% lower than the South Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Florence, up about 8.0% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Florence rose about 42.8% between 2015 and 2024, from $710 to $1,015. Over the same span, rent in South Carolina rose about 49.3%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Florence.
Buying the median-priced home in Florence costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florence. The price-to-rent ratio in South Carolina is about 16.9.
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,573 | $239,609 | $248,835 |
| Median Household Income | $57,673 | $69,383 | $80,455 |
| Price-to-Income Ratio | 3.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Florence rose about 27.6%, while median household income rose about 29.2% between 2009 and 2025 — 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 | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.4% | 62.3% | 58.5% |
| Rental Rate | 37.8% | 24.4% | 31.2% |
| Vacancy Rate | 14.9% | 13.3% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Florence has a homeownership rate of 47.4%, lower than the South Carolina average of 62.3%. Its housing vacancy rate is 14.9%, compared with 13.3% in South Carolina.
Housing Stock
| Metric | Florence | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1982 | 1990 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Florence was built around 1982. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florence, South Carolina.
What is the median home price in Florence, South Carolina?
The median home price in Florence, South Carolina is $191,573, lower than the South Carolina average of $239,609.
What is the average home price in Florence, South Carolina?
The typical home price in Florence, South Carolina, reported as the median sale price, is $191,573. 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 Florence, South Carolina?
The median gross rent in Florence, South Carolina is $1,015 per month, lower than the South Carolina average of $1,179.
What was the median gross rent in Florence in 2020?
In 2020, the median gross rent in Florence, South Carolina was $809 per month.
What is the price-to-rent ratio in Florence, South Carolina?
The price-to-rent ratio in Florence, South Carolina is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florence.
Are home prices or rent rising faster in Florence, South Carolina?
Both home prices and rent are rising in Florence, up about 8.0% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Florence, South Carolina?
47.4% of households in Florence, South Carolina own their home, lower than the South Carolina average of 62.3%.
What is the vacancy rate in Florence, South Carolina?
The housing vacancy rate in Florence, South Carolina is 14.9%, higher than the South Carolina average of 13.3%.
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