Building Costs Per Square Foot in the State of South Carolina, USA

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South Carolina 105 S Forest Cir Marietta SC29661 - 3 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 1600 to 1799 sqft - Built in 2022 - Price $293,634

Newly Built House in South Carolina 105 S Forest Cir Marietta SC29661 – 3 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 1600 to 1799 sqft – Built in 2022 – Price $293,634

Residential Construction Market Analysis in the State of South Carolina, USA

Building costs are 1% below the national average in the state of South Carolina, and equivalent to the states of New Hampshire, Pennsylvania, Minnesota and Wyoming. There are not many things in life that are as intimidating as investing in the real estate market or looking to buy your own home. There are many prejudices about everything that surrounds the residential construction market, such as what are you likely to get scammed, that nobody is selling or buying properties, etc. Fortunately, in most cases, this is not true.

In the United States, there are prosperous states where you can buy a property to be your forever home or to take the first step as a real estate investor. A state that allows you to take that first step more safely in South Carolina, which is why we will dedicate this article to it.

South Carolina  Construction Outlook

There are few states in the country that have as much variety between residential homes and buildings to receive tourists as South Carolina. This is not a surprise, since its white sand beaches attract people from all the neighboring states. This is not to say that its cities are just for tourists, in fact, it is a state that attracts many retirees or families with young children who are looking for a more relaxed lifestyle.

Major cities range from beach communities like Hilton Head and Myrtle Beach to more urban areas like Charleston, Columbia, and Greenville. In the case of the former, it is advisable to invest in properties that can also be used by tourists (Airbnb), or vacation homes. Now in the case of urban areas, they are perfect to live with your family if you want to live a life in the city, without the risks that other urban centers such as New York or Los Angeles have.

South Carolina attracts people of all ages, and it’s hard to resist its southern charm. It is always seen as a modern, friendly state that receives all kinds of people, so if that is what you are looking for, you are in the right place.

South Carolina  Housing Market Analysis and Forecast

The real estate market in this state is very variable and can change from one month to another, even having changes outside of those statistically expected. Currently, listing prices in South Carolina are increasing rapidly, however, homes are beginning to spend more time on the market. With buyers now willing to wait for better prices, the market will most likely start to cool down.

This is bad for people looking to sell, but for buyers, it is a great opportunity to get good prices. Properties take an average of 2 months to sell, but some can spend up to 6 months listed, so making a reasonable offer is likely to get your price lowered.

Despite these trends, home values ​​in South Carolina are steadily increasing at 1.92% each month, reaching over 15% annually, which is a huge trend compared to other states in the country.

South Carolina is a good state to invest in real estate, especially in more populated cities like Charleston and Columbia. The good thing is that investment in these cities can be directed towards both residential and tourist projects, so keep an open mind.

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South Carolina  Average House Price (Median Home Price)

You can find median homes (with 3 bedrooms, 2 bathrooms, a kitchen, a small garden or patio, a garage, and a living room space) for an average value of $313,000. Of course, you can find cheaper properties, or some that are in worse condition but can be restored, but that is the average value. If you move away from the big cities of South Carolina then it is likely that you will find a good property with the characteristics mentioned above for an average value of $252,309.

To give you an idea of the relationship between property size and prices, if you have in mind a price of $300,000 you can find: a property of 2,240 square feet in Columbia, 1,236 square feet in Charleston, and 1,508 square feet in Myrtle Beach.

Luxurious houses in South Carolina usually exceed a million dollars, although, of course, we are talking about mansions and giant houses, which are usually present in places completely surrounded by nature. Beach houses also typically range from $500,000 to $800,000. However, the prices are constantly changing so it may be that this works in your favor and you end up finding a cheaper house.

Myrtle Beach is a great place if you are looking to invest and especially in buildings or houses designed for rent and tourism. It is not an ideal place to live with your family all year round, since it is a region whose status varies a lot depending on tourism, and receiving so many people from other parts there are times when it is not the safest place.

Proposed Residential Building Projects in South Carolina

Today most of the projects in the real estate world in South Carolina are buildings with tourist purposes: from hotels to resorts, cabins for rent, etc. This is because it is one of the most profitable areas due to the fact that tourism has been growing year after year and with COVID-19 its popularity has increased: people who used to go to distant beaches now choose to go to beaches in the United States, and South Carolina is ready to receive them.

Anyway, there are other residential projects. There are many projects of luxury houses, where luxurious houses are built that are practically mansions. They are built far from cities, in cheap neighborhoods or small towns that sell land at low prices. This allows large properties to be built without much risk of losing.

In Charleston and Columbia, there is always a building under construction, although don’t expect the big skyscrapers. The constructions are usually from 15 to 25 floors, with some higher but not the majority when it comes to residential buildings.

South Carolina 902 Carson Avenue Spartanburg SC29306 - 3 Bed and 2 Baths with No Garage on Gross Floor Area 1,179 sqft - Ready To Move In - Price $194,990 (2)

Newly Built House in South Carolina 902 Carson Avenue Spartanburg SC29306 – 3 Bed and 2 Baths with No Garage on Gross Floor Area 1,179 sqft – Ready To Move In – Price $194,990 (2)

Building Costs Per Square Foot for Single Family Homes in the State of South Carolina, USA

Building costs are 1% below the national average in the state of South Carolina, and equivalent to the states of New Hampshire, Pennsylvania, Minnesota and Wyoming.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in South Carolina ranges from $341.44 to $523.41 per sqft, with the average being $402.95 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in South Carolina ranges from $207.51 to $318.09 per sqft, with the average being $244.89 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in South Carolina ranges from $134.15 to $203.75 per sqft, with the average being $157.06 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in South Carolina ranges from $97.90 to $150.13 per sqft, with the average being $115.54 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in South Carolina ranges from $79.47 to $121.70 per sqft, with the average being $93.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in South Carolina ranges from $62.68 to $96.07 per sqft, with the average being $73.94 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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List of 8 Cities in South Carolina – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 271 municipalities grouped into 46 counties in the state of South Carolina. The bar chart below indicates that building costs vary in each city/town. The construction cost per square foot in each of these cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each city in South Carolina is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in South Carolina:

South Carolina Average -1% (1% less than X)

  • Myrtle Beach 295 -8%
  • Rock Hill 297 -6%
  • Spartanburg 293 -4%
  • Beaufort 299 -2%
  • Columbia 290-292 -2%
  • Charleston 294 -1%
  • Aiken 298 4%
  • Greenville 296 8%

The City List above as well as the Bar Graphs below show that Myrtle Beach is the cheapest city to build a private home in the state of South Carolina, and Greenville is the most expensive city to build a home. Building costs are -8% below the national average in Myrtle Beach and 8% above the national average in Greenville.

Cheapest Places To Build in South Carolina:

Myrtle Beach is the cheapest to place to build at -8% below the national average, followed by Rock Hill at -6% below the national average. The third cheapest place to build a house is Spartanburg at -4% below the national average, followed by Beaufort and Columbia at -2% below the national average. The fifth cheapest place to build is Charleston at -1% below the national average, followed by Aiken City at 4% above the national average.

Expensive Places To Build in South Carolina:

If anything between 5% and 10% is considered expensive, then there is one such city in the state of South Carolina. Building costs in the City of Greenville are 8% above the USA average.

More Expensive Places To Build in South Carolina:

If anything between 10% and 15% is considered more expensive, then there are no such cities in state of South Carolina.

Very Expensive Places To Build in South Carolina:

The most expensive places to build a house are those which are 15% above the national average. There are no such places in the state of South Carolina.

South Carolina State Average Costs:

Private home building costs in the state of South Carolina are -1% below the national average. Building costs in Charleston are equal to the State Average. Building cost rates in Beaufort and Columbia are closer to the South Carolina state average by a deviation of 1%. South Carolina is one of the cheapest states to build a home in the United States, at number 27 on the national ascending costs scale.


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