Finding a home is increasingly challenging for first-time buyers, with median home prices rising nearly 50% over five years and mortgage rates nearly doubling. Homeowners are generally seeing their equity grow, leading many to stay put, which tightens the market further. In South Carolina, the average mortgage balance rose to $207,099, lower than the national average. As of 2024, total mortgage debt increased to $12.11 trillion, with average mortgage balances up 3.3%. The outlook for 2025 remains bleak due to low housing inventory, rising insurance costs, and persistent high mortgage rates.
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