Bluffton and Port Royal Outpace Charleston in Residential Expansion Over The Last Decade Based on New Study

Residential patterns are shifting, driven by remote workers seeking low-density environments, millennials prioritizing better schools and spacious living, and individuals priced out of expensive cities turning to exurban areas over urban cores.

In fact, our recent study of housing trends in over 4,100 U.S. cities from 2013 to 2022 shows that suburban development is far outpacing urban growth, as once-idle communities are now brimming with new housing options. South Carolina has its own contenders in the race for the fastest-growing housing markets, with Bluffton in the lead.

Here are a few key takeaways from our study:

Bluffton rises as South Carolina’s fastest growing municipality, joined by neighboring Port Royal in third position.

• Bluffton has grown from a quiet exurb in 2013 to a full-fledged town in 2022. The housing stock doubled during this period, exceeding 11,000 units in 2022. 
• This growth is fueled by a substantial population increase of 126%, the fastest in South Carolina. 
• Bluffton’s newfound popularity has also resulted in significant home price increases, with home values rising by an impressive 80% over the same period.
• The last decade also marked the beginning of a multifamily housing boom, aiming to accommodate the influx of new residents. Apartment stock tripled from 2013, reaching 764 units by 2022.
• New housing demand is also supported by the growing remote work trend. The number of people working from home tripled in the last 10 years, growing from 4% in 2013 to 13% in 2022.
• Port Royal has also joined the growth bandwagon, with its housing inventory increasing by 83% to nearly 5,000 units in 2022.

Fort Mill in York County has also experienced substantial growth.

• The housing inventory nearly doubled over the last decade, reaching over 9,000 units in 2022.
• Driven by this housing boom, Fort Mill has seen home prices skyrocket by 114% over the past decade, the highest increase among all the housing markets we analyzed.
• On a positive note, incomes also surged, doubling during the same period.
• Additionally, Fort Mill’s self-storage sector expanded by 58%, with most of the inventory built in the last decade (2010-2019).

Greenville and Charleston suburbs take up half of the spots in South Carolina’s top 20 fastest-growing housing markets. 

• In the Greenville metro area, Powdersville saw a 44% increase in housing inventory, while Fountain Inn experienced 35% growth.
• Similarly, in the Charleston metro area, Moncks Corner’s housing inventory surged by 48% over the past decade, and Mount Pleasant’s inventory grew by 38% during the same period.

You can explore the full report click HERE

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