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Sumter Ranked as One of the Strongest Housing Markets in U.S.

August 19, 2009

With a housing market that is inexpensive, stable and growing, Sumter, South Carolina made the list of Top 30 strongest housing markets in America, according to BusinessWeek magazine. 

The nationwide business magazine ranked 30 markets where the high est percentages of homes gained value in the past year. In Sumter, nearly a quarter of the housing stock increased in value, with the median home value coming in at slightly less than $100,000. 

“I think this shows extraordinary stability in Sumter’s housing market, which is something most communities would love to have in this economic climate,” said Jay Schwedler, president of the Sumter Development Board. “We’ve seen over the past few years how communities that were regularly called the ‘fast-growing communities’ and the ‘hottest markets’ have fallen off the cliff. But they’ve found out that homes were overpriced and their values didn’t really match reality. Now they’re struggling with housing stock that’s been devalued by incredible amounts since the bubble burst.” 

Schwedler said this ranking is good news for Sumter because it tells development prospects that Sumter is a safe and stable market in which to do business. 

“It also shows that Sumter is in good company,” he said. 

The list begins with a pair of strong college towns, which found themselves somewhat insulated from the housing bubble in many overheated markets. It includes such notable communities as Pittsburgh, Durham, N.C., Little Rock, Ark. and Columbus, Ohio. Every region in the country is represented, although only a couple of markets from the western U.S. made the list. Most of the communities represented are medium-size markets. 

In South Carolina, Sumter was joined by the Greenville and Spartanburg. 

Here is a list of the top 30 strongest housing markets as compiled by BusinessWeek magazine.

1. Boulder, Colo.
2. Spartanburg
3. New Orleans
4. Binghamton, N.Y.
5. Fayetteville, N.C.
6. Pittsburgh
7. Little Rock, Ark.
8. Gainesville, Ga.
9. Burlington, N.C.
10. Oklahoma City
11. Cumberland, Md.
12. Jacksonville, N.C.
13. Yakima, Wash.
14. Springfield, Ohio
15. Tulsa, Okla.
16. Champaign-Urbana, Ill.
17. Albany, N.Y.
18. Lancaster, Pa.
19. Fort Collins, Colo.
20. Durham, N.C.
21. Augusta, Ga.
22. Bay City, Mich.
23. Corvallis, Ore.
24. Greenville
25. Santa Cruz, Calif.
26. Greensboro, N.C.
27. Mobile, Ala.
28. Columbus, Ohio
29. Knoxville, Tenn.
30. Sumter  

To see the BusinessWeek article and the Top 30 Strongest U.S. housing markets, click here.

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“I’ve spent enough time in Sumter now to know that this is a strong community with great people, and dedicated leaders looking toward the future. Continental Tire is proud to continue to be a part of Sumter’s success story.”
Craig Baartman
Manager, Continental Tires The Americas, Sumter