Elgin, SC—29045
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elgin, SC
As of Oct '25, the median home price in Elgin, SC is $294,000, with a year-over-year change of 1.2%. This indicates that home prices in Elgin, SC are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $294,000 | 1.2% |
| Single Family | $294,000 | 1.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $249,000 | 1.2% |
3 Bed | $258,000 | 1.2% |
4 Bed | $333,000 | 0.9% |
| 5 Bed | $434,000 | 0.9% |
% of Housing Stock
Rental Trends — Elgin, SC
As of July '25, Rentcast reports the average rent in Elgin, SC is $2,240, with a year-over-year rent change of 4.2%. Per bedroom, the median rent as of July '25 in Elgin, SC is 1-bedrooms: $1,230, 2-bedrooms: $1,450, 3-bedrooms: $2,000, 4-bedrooms: $2,370. The most common rental property sizes in Elgin, SC are 2-bedroom and 3-bedroom, accounting for 46.3% and 32.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,240 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,210 | $1,230 |
| 2 Bed Rent | $1,300 | $1,450 |
| 3 Bed Rent | $1,950 | $2,000 |
| 4 Bed Rent | $2,400 | $2,370 |
% of Rental Stock
Property Listings — Elgin, SC
As of Oct '25, Realtor.com reports that the median days on market for a home in Elgin, SC is 57. This is a increase of 3.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $317,000 | 0.0% |
Listing Count | 239 | -4.0% |
| Listings as % of Homes | 1.2% | -4.0% |
Days on Market | 57 | 3.0% |
Demographics — Elgin, SC
As of the latest ACS Survey released in 2023, Elgin, SC has a population of 28,900, which has increased by 11.9% over the past 5 years. Elgin, SC is a moderately popular place for families, as children make up 23.9% of the population. The area has a moderately educated workforce, with 32.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,900 | 11.9% |
% Under 18 | 23.9% | -6.3% |
% Seniors | 11.3% | -3.4% |
% WFH | 12.4% | 629.4% |
% w/ College Degree | 32.1% | 15.9% |
As of the latest ACS Survey released in 2023, Elgin, SC is a predominantly white area, with 52.7% of the population identifying as white. The white population has shrunk by 14.4% in the last 5 years. The second most common race or ethnicity in Elgin, SC is black, making up 31.1% of the population. Foreign-born residents account for 6.8% of the population in Elgin, SC, and this percentage has increased by 30.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 52.7% | -14.4% |
% Black | 31.1% | 21.5% |
% Hispanic | 8.8% | 33.3% |
% Asian | 2.6% | -29.7% |
% Foreign Born | 6.8% | 30.8% |
Mortgage and Risk — Elgin, SC
According to HUD data as of 2023, there were 937 mortgage originations in Elgin, SC, of which 43.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 55.0% above 90% LTV (very high). This implies large mortgage risk in Elgin, SC. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 937 |
% Conventional Loans | 43.0% |
% Government Loans | 57.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Elgin, SC
As of 2024, the percent of homes in Elgin, SC under the Section 8 program is 0.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Elgin, SC, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 11 |
Total Units Section 8 | 10 |
% Rentals under Section 8 | 0.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,210 | $1,190 |
| 2 Bedroom | $100 | $1,300 | $1,400 |
| 3 Bedroom | -$220 | $1,950 | $1,730 |
| 4 Bedroom | -$400 | $2,400 | $2,000 |
Affordability — Elgin, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $294,000 |
| Median Household Income | $80,600 |