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 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.
When negotiating commissions, it’s essential to consider the agent’s level of service, the marketing strategies they’ll employ, and their local market experience. Sellers might be able to negotiate a lower rate if their property is highly desirable or expected to sell quickly. Additionally, in a dual agency situation where one agent represents both buyer and seller, there may be room for a further reduction in commission fees since no second agent is involved.
Tips for a successful negotiation
- Compare multiple agents and their commission structures before making a decision.
- Consider performance-based incentives, like offering a higher commission for a faster sale or a better final price.
- If your property is in a desirable location, use this to your advantage, as agents might agree to a lower commission.
South Carolina real estate commission FAQs
What are the changes to real estate commission? Two major changes have reshaped how commissions are handled. First, buyers must now agree to their agent’s fees in writing before touring homes. Second, the way these fees are displayed has shifted, and in many markets, agent compensation is no longer listed on MLS postings. Learn more about the real estate commission changes here.
How do the changes impact buyers in South Carolina? Buyers are now required to sign an agreement with their agent detailing the commission rate before they begin touring homes. However, you can still request that the seller cover your agent’s commission as part of your offer.
How do the changes impact sellers in South Carolina? Sellers will still discuss with their listing agent the compensation they want to offer the buyer’s agent, if any. Any buyer requests will be reviewed, and the seller can negotiate the terms as part of the offer.
How do you find a real estate agent in South Carolina? If you’re ready to start your home search or sell your property, Redfin is here to help. Connect with a Redfin agent today.
How can you avoid fees? Selling a home without an agent in South Carolina can save on commission fees, but handling a for sale by owner (FSBO) transaction requires the seller to take on responsibilities like marketing, showings, and paperwork.
*Listing fee subject to change, minimums apply. Any buyer’s agent fee the seller chooses to cover not included. Listing fee increased by 1% of sale price if buyer is unrepresented. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing. We will charge a 1.5% listing fee, then send you a check for the 0.5% difference after you buy your next home with us. Learn more here.
