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 | Newberry County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,923 | $224,357 | $242,182 |
| Price Trend (Annual %) | 17.4% | 9.2% | 8.2% |
| Median Gross Rent | $853 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Newberry County is about 1% higher than in South Carolina. Rent is about 24% 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 Newberry County, up about 17.4% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Newberry County rose about 27.8% between 2015 and 2023, from $667 to $853. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Newberry County.
Buying the median-priced home in Newberry County costs roughly 22.2 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 Newberry County. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | Newberry County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $226,923 | $224,357 | $242,182 |
| Median Household Income | $59,526 | $66,957 | $78,145 |
| Price-to-Income Ratio | 3.8 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Newberry County rose about 112.7%, while median household income rose about 44.9% 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 | Newberry County | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 61.6% | 58.2% |
| Rental Rate | 22.0% | 24.6% | 31.3% |
| Vacancy Rate | 17.3% | 13.8% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Newberry County has a homeownership rate of 60.7%, lower than the South Carolina average of 61.6%. Its housing vacancy rate is 17.3%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | Newberry County | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1982 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Newberry County was built around 1982. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Newberry County, South Carolina.
What is the median home price in Newberry County, South Carolina?
The median home price in Newberry County, South Carolina is $226,923, higher than the South Carolina average of $224,357.
What is the average home price in Newberry 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 Newberry County, South Carolina?
The median gross rent in Newberry County, South Carolina is $853 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in Newberry County in 2020?
In 2020, the median gross rent in Newberry County, South Carolina was $775 per month.
What is the price-to-rent ratio in Newberry County, South Carolina?
The price-to-rent ratio in Newberry County, South Carolina is about 22.2, meaning it would take roughly 22.2 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 Newberry County.
Are home prices or rent rising faster in Newberry County, South Carolina?
Both home prices and rent are rising in Newberry County, up about 17.4% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Newberry County, South Carolina?
60.7% of households in Newberry County, South Carolina own their home, lower than the South Carolina average of 61.6%.
What is the vacancy rate in Newberry County, South Carolina?
The housing vacancy rate in Newberry County, South Carolina is 17.3%, higher than the South Carolina average of 13.8%.