Florence, SC—29505
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 $228,000, with a year-over-year change of 2.8%. This indicates that home prices in Florence, SC are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $228,000 | 2.8% |
| Single Family | $230,000 | 2.7% |
| Condos | $151,000 | 3.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $153,000 | 4.1% |
3 Bed | $217,000 | 2.4% |
4 Bed | $317,000 | 4.3% |
| 5 Bed | $408,000 | 1.7% |
% of Housing Stock
Rental Trends — Florence, SC
As of July '25, Rentcast reports the average rent in Florence, SC is $1,430, with a year-over-year rent change of -6.5%. Per bedroom, the median rent as of July '25 in Florence, SC is 1-bedrooms: $982, 2-bedrooms: $1,220, 3-bedrooms: $1,750, 4-bedrooms: $1,830. The most common rental property sizes in Florence, SC are 2-bedroom and 3-bedroom, accounting for 38.9% and 31.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,340 | $1,430 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $982 |
| 2 Bed Rent | $1,280 | $1,220 |
| 3 Bed Rent | $1,800 | $1,750 |
| 4 Bed Rent | $1,600 | $1,830 |
% 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 62. This is a increase of 8.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $270,000 | 8.0% |
Listing Count | 95 | 26.0% |
| Listings as % of Homes | 0.7% | 26.0% |
Days on Market | 62 | 8.0% |
Demographics — Florence, SC
As of the latest ACS Survey released in 2023, Florence, SC has a population of 24,000, which has decreased by -3.6% over the past 5 years. Florence, SC is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 26.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,000 | -3.6% |
% Under 18 | 23.2% | -3.7% |
% Seniors | 18.8% | 9.9% |
% WFH | 11.7% | 178.6% |
% w/ College Degree | 26.2% | -5.4% |
As of the latest ACS Survey released in 2023, Florence, SC is a predominantly white area, with 53.1% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Florence, SC is black, making up 38.5% of the population. Foreign-born residents account for 2.8% of the population in Florence, SC, and this percentage has decreased by 34.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 53.1% | -6.2% |
% Black | 38.5% | 6.4% |
% Hispanic | 4.7% | 30.6% |
% Asian | 1.4% | -36.4% |
% Foreign Born | 2.8% | -34.9% |
Mortgage and Risk — Florence, SC
According to HUD data as of 2023, there were 450 mortgage originations in Florence, SC, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Florence, SC. Investor activity is low, as 4.0% 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 | 450 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% 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 10.6%. 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. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Florence, SC, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 458 |
Total Units Section 8 | 286 |
% Rentals under Section 8 | 10.6% |
% Occupied Section 8 | 81.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $1,000 | $1,040 |
| 2 Bedroom | $10 | $1,280 | $1,290 |
| 3 Bedroom | -$150 | $1,800 | $1,650 |
| 4 Bedroom | $170 | $1,600 | $1,770 |
Affordability — Florence, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $228,000 |
| Median Household Income | $64,200 |