When buying or selling a home in South Carolina, it’s essential to understand real estate commissions for accurate budgeting and smoother negotiations. In 2024, new rules have shifted how real estate commissions are communicated nationwide, offering greater transparency for both buyers and sellers. These updates aim to help people make more informed choices when dealing with real estate fees.
Whether you’re a first-time buyer or an experienced seller, this Redfin guide will walk you through South Carolina’s real estate commissions and what to anticipate in today’s market.
Current state of the South Carolina housing market
Before we jump into real estate commissions in South Carolina, let’s first examine the state’s housing market.
| Median Home Sale Price | $382,300 |
| Housing Supply | 31,748 (+17.8% YoY) |
| Homes Sold Above List Price | 14.2% (-5.1 pts YoY) |
Understanding real estate commissions in South Carolina
What are real estate commissions?
Real estate commissions are the fees paid by homebuyers or sellers to their agents for helping facilitate a successful property transaction. These fees are typically calculated as a percentage of the home’s sale price and are paid at closing.
Who pays the commission?
Traditionally, sellers would cover both their own agent’s commission and the buyer’s agent’s fees from the sale proceeds. However, as of August 17, 2024, buyers must now agree to their agent’s fee in writing before they start touring homes.
Although buyers can still request that the seller cover their agent’s commission during the offer process, this change makes the amount the seller pays for the buyer’s agent flexible, and is entirely negotiable.
Average real estate commission rates in South Carolina
Real estate commission rates in South Carolina can fluctuate depending on the specifics of the transaction and the agreements made between the parties involved. While general expectations exist for commission rates, they are…