U
nderstanding Real Estate Commissions in South Carolina

    In the current housing market of South Carolina, the median home sale price is $382,300, and there are 31,748 homes for sale, representing an increase of 17.8% year over year. Around 14.2% of homes sold above their listed price, which is a decrease of 5.1 points compared to last year.

    Before diving into real estate commissions, it's important to consider the state's housing market.

    Real Estate Commissions in South Carolina

    Real estate commissions are fees paid by either the buyer or the seller to their agent for facilitating 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 have covered 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 entirely negotiable.

    Average Real Estate Commission Rates in South Carolina

    Real estate commission rates in South Carolina can vary depending on the specifics of the transaction and the agreements made between the parties involved. While general expectations exist for commission rates, they are fully negotiable, allowing buyers and sellers to work with their agents to tailor the commission structure to their needs.

    Factors like the property's location, current market conditions, and the level of service offered by the agent can all affect the final commission. This flexibility provides room for both parties to negotiate fees that align with their budget and goals. Below is a breakdown of sample commission rates based on the median home prices in some of South Carolina's major cities:

    City

    Median Home Sale Price

    1.5% Real Estate Commission

    3% Real Estate Commission

    5% Real Estate Commission

    Charleston

    $578,250

    $8,674

    $17,348

    $28,913

    Columbia

    $266,000

    $3,990

    $7,980

    $13,300

    North Charleston

    $381,400

    $5,721

    $11,442

    $19,070

    At Redfin, we're focused on offering consumers the best possible value. To support this, we provide sellers with a listing fee that starts as low as 1%. For buyers, our fees vary by location but remain competitive, helping your offer stand out and improving your chances of success in the home-buying process.

    Can You Negotiate Real Estate Commissions in South Carolina?

    Yes, you can! There are no laws in the U.S. that set commission rates, so agents may be open to negotiating lower fees based on the type of transaction, the services required, and the relationship with the client.

    Tips for a Successful Negotiation

    1. Compare multiple agents and their commission structures before making a decision.

    2. Consider performance-based incentives, like offering a higher commission for a faster sale or a better final price.

    3. If your property is in a desirable location, use this to your advantage as agents might agree to a lower commission.

    In summary, understanding real estate commissions is crucial for accurate budgeting and smoother negotiations when buying or selling a home in South Carolina. Remember that these fees are negotiable, allowing buyers and sellers to work with their agents to find a commission structure that aligns with their needs and budget.