29485, Summerville, SC

Home equity is the difference between the market value of a home and the amount of money that a homeowner owes on their mortgage. Home prices are the price at which homes are sold in a given area. Both home equity and home prices can vary greatly from one area to another, depending on many factors including location, size, condition, and amenities.

According to Zillow, as of March 2018 the median home value in Summerville was $248,000. This means that half of all homes in this zip code were worth more than $248,000 and half were worth less. The average price per square foot in this zip code was $128 which is significantly higher than the national average of $107.

The percentage of homes that are worth more than their mortgage is much higher in Summerville than it is nationwide. In fact, according to Zillow’s 2018 Home Value Index report (which measures how homeowners’ equity has changed over time), 78% of homes in this zip code are worth more than their mortgage balance. This compares to a nationwide average of just over 60%.

There are several reasons why home values might be higher here than elsewhere. For one thing, Summerville is located close to both Charleston and Columbia which are two major metropolitan areas with a lot of people and jobs. Additionally, many homeowners here have invested money into updating or adding features to their homes which can increase their value considerably. Finally, there is also a lot of demand for property in this area due to its proximity to some great schools and other amenities.