Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 42,976 people, 16,595 houses or apartments, and a median cost of homes of $191,452, house prices in Sumter are solidly below the national average.
Single-family detached homes are the single most common housing type in Sumter, accounting for 61.87% of the city's housing units. Other types of housing that are prevalent in Sumter include large apartment complexes or high rise apartments ( 16.60%), duplexes, homes converted to apartments or other small apartment buildings ( 9.94%), and a few mobile homes or trailers ( 6.00%).
The most prevalent building size and type in Sumter are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.41% owning and 50.59% renting.
There is a lot of housing in Sumter built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Sumter built between 1940-1969 ( 25.34%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.07%). There's also some housing in Sumter built before 1939 ( 5.13%).
Vacant housing appears to be an issue in Sumter. Fully 12.07% of the housing stock is classified as vacant. Left unchecked, vacant Sumter homes and apartments can be a drag on the real estate market, holding Sumter real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Sumter's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Sumter during the period has been just 4.53%, which is lower than 70% of US communities.
Appreciation rates are so strong in Sumter that despite a nationwide downturn in the housing market, Sumter real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sumter appreciation rates continue to be some of the highest in America, at 14.22%, which is higher than appreciation rates in 80.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sumter. Sumter appreciation rates in the latest quarter were at 0.40%, which equates to an annual appreciation rate of 1.60%.
Relative to South Carolina, our data show that Sumter's latest annual appreciation rate is lower than 90% of the other cities and towns in South Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Sumter differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sumter - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Sumter real estate investment or home purchase decisions.
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