May
21

Florence Housing Market Rated “Poor”

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The first quarter real estate numbers are in, and the drop in median home values in the Florence area make it currently one of the worst places to buy a home in the country, according to a report on the MSN Real Estate website.

A report from the website Bankrate, which used data from the National Association of Realtors, found that median home values for existing single-family homes fell 12.3 percent in 2014 in the Florence metropolitan area compared to the first quarter last year.

That was enough to give the Florence metropolitan area, which consists of Florence, Darlington, Dillon, Marion, Marlboro and Williamsburg counties, the poor ranking.

But Pee Dee Realtors Association Board Chair Janet Elvington said it doesn’t give a clear picture.

“The Bankrate.com report leads you to believe that home prices are depreciating,” Elvington said. “Our values are not depreciating. We do tend to sell more homes priced at lower rates purely because those homes are the ones selling better.”

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