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 | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $577,414 | $224,357 | $242,182 |
| Price Trend (Annual %) | 33.4% | 9.2% | 8.2% |
| Median Gross Rent | $891 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lancaster County is about 157% higher than in South Carolina. Rent is about 21% 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 Lancaster County, up about 33.4% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Lancaster County rose about 29.8% between 2015 and 2023, from $687 to $891. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in Lancaster County.
Buying the median-priced home in Lancaster County costs roughly 54.0 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 Lancaster County. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $577,414 | $224,357 | $242,182 |
| Median Household Income | $74,694 | $66,957 | $78,145 |
| Price-to-Income Ratio | 7.7 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lancaster County rose about 411.1%, while median household income rose about 93.9% 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 | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.5% | 61.6% | 58.2% |
| Rental Rate | 15.4% | 24.6% | 31.3% |
| Vacancy Rate | 8.2% | 13.8% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Lancaster County has a homeownership rate of 76.5%, higher than the South Carolina average of 61.6%. Its housing vacancy rate is 8.2%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | Lancaster County | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1992 | 1989 | 1978 |
| Median Number of Rooms | 6.1 | 5.7 | 5.5 |
The typical housing unit in Lancaster County was built around 1992. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lancaster County, South Carolina.
What is the median home price in Lancaster County, South Carolina?
The median home price in Lancaster County, South Carolina is $577,414, higher than the South Carolina average of $224,357.
What is the average home price in Lancaster 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 Lancaster County, South Carolina?
The median gross rent in Lancaster County, South Carolina is $891 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in Lancaster County in 2020?
In 2020, the median gross rent in Lancaster County, South Carolina was $784 per month.
What is the price-to-rent ratio in Lancaster County, South Carolina?
The price-to-rent ratio in Lancaster County, South Carolina is about 54.0, meaning it would take roughly 54.0 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 Lancaster County.
Are home prices or rent rising faster in Lancaster County, South Carolina?
Both home prices and rent are rising in Lancaster County, up about 33.4% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lancaster County, South Carolina?
76.5% of households in Lancaster County, South Carolina own their home, higher than the South Carolina average of 61.6%.
What is the vacancy rate in Lancaster County, South Carolina?
The housing vacancy rate in Lancaster County, South Carolina is 8.2%, lower than the South Carolina average of 13.8%.