Florence, SC—29506
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 $142,000, with a year-over-year change of -4.1%. This indicates that home prices in Florence, SC are decreasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $142,000 | -4.1% |
| Single Family | $142,000 | -4.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $58,000 | -7.9% |
3 Bed | $142,000 | -4.1% |
4 Bed | $246,000 | 2.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Florence, SC
As of July '25, Rentcast reports the average rent in Florence, SC is $1,280, with a year-over-year rent change of 13.3%. Per bedroom, the median rent as of July '25 in Florence, SC is studios: $825, 2-bedrooms: $979, 3-bedrooms: $1,420, 4-bedrooms: $2,450. The most common rental property sizes in Florence, SC are 2-bedroom and 3-bedroom, accounting for 43.2% and 37.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,280 |
| Studio Rent | $825 | $825 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $925 | $979 |
| 3 Bed Rent | $1,200 | $1,420 |
| 4 Bed Rent | $2,450 | $2,450 |
% 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 83. This is a increase of 51.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $239,000 | 4.0% |
Listing Count | 82 | -25.0% |
| Listings as % of Homes | 0.6% | -25.0% |
Days on Market | 83 | 51.0% |
Demographics — Florence, SC
As of the latest ACS Survey released in 2023, Florence, SC has a population of 20,300, which has decreased by -2.4% over the past 5 years. Florence, SC is a moderately popular place for families, as children make up 20.5% of the population. The area has a poorly educated workforce, with 14.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,300 | -2.4% |
% Under 18 | 20.5% | -8.1% |
% Seniors | 17.7% | 26.4% |
% WFH | 9.8% | 237.9% |
% w/ College Degree | 14.7% | -9.3% |
As of the latest ACS Survey released in 2023, Florence, SC is a predominantly black area, with 62.8% of the population identifying as black. The black population has shrunk by 7.6% in the last 5 years. The second most common race or ethnicity in Florence, SC is white, making up 31.3% of the population. Foreign-born residents account for 2.4% of the population in Florence, SC, and this percentage has increased by 33.3% 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 | 31.3% | 8.3% |
% Black | 62.8% | -7.6% |
% Hispanic | 3.9% | 95.0% |
% Asian | 0.4% | 0.0% |
% Foreign Born | 2.4% | 33.3% |
Mortgage and Risk — Florence, SC
According to HUD data as of 2023, there were 205 mortgage originations in Florence, SC, of which 48.0% of loans were conventional mortgages. The average loan-to-value was 81.0%, with 58.0% above 90% LTV (very high). This implies large mortgage risk in Florence, SC. Investor activity is low, as 3.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 205 |
% Conventional Loans | 48.0% |
% Government Loans | 52.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Florence, SC
Florence, SC lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 834 |
Total Units Section 8 | 431 |
% Rentals under Section 8 | 12.3% |
% Occupied Section 8 | 76.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $760 |
| 2 Bedroom | $15 | $925 | $940 |
| 3 Bedroom | $0 | $1,200 | $1,200 |
| 4 Bedroom | -$1,160 | $2,450 | $1,290 |
Affordability — Florence, SC
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $142,000 |
| Median Household Income | $38,400 |