Florence, SC—29501
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Florence, SC
As of Oct '25, the median home price in Florence, SC is $235,000, with a year-over-year change of 3.5%. This indicates that home prices in Florence, 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 | $235,000 | 3.5% |
| Single Family | $239,000 | 3.9% |
| Condos | $134,000 | -0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $72,000 | 2.9% |
2 Bed | $128,000 | 3.2% |
3 Bed | $220,000 | 3.8% |
4 Bed | $386,000 | 4.6% |
| 5 Bed | $450,000 | 3.9% |
% of Housing Stock
Rental Trends — Florence, SC
As of July '25, Rentcast reports the average rent in Florence, SC is $1,410, with a year-over-year rent change of -6.0%. Per bedroom, the median rent as of July '25 in Florence, SC is 1-bedrooms: $1,200, 2-bedrooms: $1,050, 3-bedrooms: $1,760, 4-bedrooms: $2,200. The most common rental property sizes in Florence, SC are 2-bedroom and 3-bedroom, accounting for 46.5% and 33.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,200 |
| 2 Bed Rent | $1,000 | $1,050 |
| 3 Bed Rent | $1,700 | $1,760 |
| 4 Bed Rent | $2,100 | $2,200 |
% of Rental Stock
Property Listings — Florence, SC
As of Oct '25, Realtor.com reports that the median days on market for a home in Florence, SC is 74. This is a increase of 15.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $318,000 | -1.0% |
Listing Count | 290 | 40.0% |
| Listings as % of Homes | 0.9% | 40.0% |
Days on Market | 74 | 15.0% |
Demographics — Florence, SC
As of the latest ACS Survey released in 2023, Florence, SC has a population of 47,300, which has increased by 1.6% over the past 5 years. Florence, SC is a popular place for families, as children make up 26.7% of the population. The area has a moderately educated workforce, with 33.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 47,300 | 1.6% |
% Under 18 | 26.7% | 16.1% |
% Seniors | 16.7% | 2.5% |
% WFH | 8.0% | 95.1% |
% w/ College Degree | 33.0% | 5.1% |
As of the latest ACS Survey released in 2023, Florence, SC is a predominantly white area, with 55.6% of the population identifying as white. The white population has shrunk by 6.6% in the last 5 years. The second most common race or ethnicity in Florence, SC is black, making up 35.1% of the population. Foreign-born residents account for 4.2% of the population in Florence, SC, and this percentage has increased by 27.3% 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 | 55.6% | -6.6% |
% Black | 35.1% | 2.9% |
% Hispanic | 3.4% | 41.7% |
% Asian | 3.4% | 78.9% |
% Foreign Born | 4.2% | 27.3% |
Mortgage and Risk — Florence, SC
According to HUD data as of 2023, there were 707 mortgage originations in Florence, SC, of which 67.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Florence, SC. Investor activity is low, as 5.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 707 |
% Conventional Loans | 67.0% |
% Government Loans | 33.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Florence, SC
As of 2024, the percent of homes in Florence, SC under the Section 8 program is 4.6%. 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 Florence, 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 | 431 |
Total Units Section 8 | 306 |
% Rentals under Section 8 | 4.6% |
% Occupied Section 8 | 73.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$60 | $1,000 | $940 |
| 2 Bedroom | $170 | $1,000 | $1,170 |
| 3 Bedroom | -$210 | $1,700 | $1,490 |
| 4 Bedroom | -$490 | $2,100 | $1,610 |
Affordability — Florence, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $235,000 |
| Median Household Income | $70,600 |